Hypothesis Lesson for Kids: Definition & Examples - …
Dictionary and a discussion of hypothesis ..
The striking feature of this discussion concerning Lauderdale’s definition is that the criticisms levelled against it could easily have led to a limited view of economic phenomena. It was clearly seen that the extension of the concept of wealth to include everything that is desired would mean the abandonment of the effort to arrive at any scientific laws involving objective wealth. But what was overlooked was that the very broadest conceptions of wealth involved an essential unity, from which a less limited political economy might take its point of departure.
For it is an hypothesis of the Christian faith.
However, the exclusive stress on wealth was motivated by other considerations, besides those expressed by McCulloch. There appears to be a significant degree of correlation betweenthe restriction of wealth to commodities and the restriction of the scope of political economy to the of wealth, leaving out its production, exchange, and consumption. Ricardo and Read provide excellent examples of this. Both conceived of wealth exclusively as material goods. And both emphatically limited political economy to the treatment of the of wealth. Alike in his and in his correspondence with Malthus, Ricardo had stressed this limitation of the scope of economics. Read (“an acute but neglected writer,” and one of the economists rediscovered by Seligman) treated economics as “an investigation concerning the right to wealth,” teaching what the rights and duties of men in society are with regard to property. Read may be considered to have invested with normative and ethical significance Ricardo’s conception of a science of the distribution of wealth. According to Ricardo, economics shows how wealth is distributed among the factors of production; according to Read, economics, in so doing, is at the same time laying down the law of the natural rights of the factors of production to their several shares.