in the theory of value and prices.

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making special assumptions not with the purpose of facilitatingeconomic investigation but for permitting algebraic transformation.A writer who intentionally parades his mathematics really does thecause of mathematical economics much harm. J venture to thinkthat Launhardt’s Volkswirtschaftslehre which contains some excel-lent things would have exhibited these excellencies better if theauthor had contented himself with solving problems in all theirgenerality].

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I cannot refrain from venturing an opinion the application ofwhich may not apply to all of those writers just quoted but whichcertainly applies to many: Mathematics is looked upon as anintruder by those students of economics who have not had themathematical education to understand and make use of them, andwho are unwilling to believe that others enjoy a point of viewunattainable by themselves. A friend of mine much interested ineconomics asked me what was the service of mathematics in thesubject. On hearing my reply he said: “Well, I don’t like toadmit that I can’t understand economics as well as those who havestudied higher mathematics.”

Thus part at least of the opposition to mathematical method is amere incident to its novelty. It must be remembered that thecharacter of economists is itself a variable and from generation togeneration those choose or reject the pursuit of economics accordingto what it is at the time of choice. It may not be rash to expectthat the next generation of the theoretical (as distinct from histori-cal) economists will have fitted themselves by mathematical trainingfor this mode of treating their theme, and that they will be suchmen as by natural aptitude can so fit themselves.

§ 10 .

The effort of the economist is to see, to picture the interplay ofeconomic elements. The more clearly cut these elements appear inhis vision, the better - the more elements he can grasp and hold inmind at once, the better. The economic world is a misty region.The first explorers used unaided vision. Mathematics is the lanternby which what before was dimly visible now looms up in firm, boldoutlines. The old phantasmagoria disappear. We see better. Wealso see further.