The question of recognising a definite art of political
' economy is to a certain extent a verbal one ; and if all
possible misunderstanding as to the scope of such an
art and its relation to positive economic science can be
removed, the way in which this question is decided is
comparatively unimportant. On the whole, however,
it seems likely to conduce to clearness of thought to
regard the branch of enquiry under consideration as
forming the economic side of political philosophy, or of
the art of legislation, or of social philosophy, as the
case may be, rather than as constituting a distinct art
of political economy. In lieu of such an art, we should
then recognise special departments of political and social
philosophy, dealing with practical questions, in which
economic considerations are of material importance, for
the discussion of which, therefore, economic knowledge
is essential, and to the treatment of which economists
will naturally turn their attention. Adopting this
alternative, we may still sum up the more important
practical applications of economic science under the
name applied economics. This term has the special
merit that it does not suggest a definite body of
principles with scientifically demarcated limits'.
