The Study of Economic Activity

This paper is concerned with the study of economic activity from two points of view; the first is that of the man of business, and his problem is “Of what use or value is the study of the activity to those who are actually engaged in the activity?” He has continually to grapple with individual and concrete situations and thus feels the clash between them and the abstract general pronouncements of certain economic studies: consequently he is bound to ask whether the latter have in fact any relevance for him at all.