Economic Theory

If you refuse to take account of theory, then you have forgotten that practice is often an offspring of theory.

Their ideas seemed to him fruitful when he was reading or was himself seeking arguments to refute other theories, especially those of the materialists; but as soon as he began to read or sought for himself a solution of problems, the same thing always happened. As long as he followed the fixed definition of obscure words such as spirit, will, freedom, essence, purposely letting himself go into the snare of words the philosophers set for him, he seemed to comprehend something. But he had only to forget the artificial train of reasoning, and to turn from life itself to what had satisfied him while thinking in accordance with the fixed definitions, and all this artificial edifice fell to pieces at once like a house of cards, and it became clear that the edifice had been built up out of those transposed words, apart from anything in life.

All men suppose what is called Wisdom to deal with the first causes and the principles of things; so that, as has been said before, the man of experience is thought to be wiser than the possessors of any sense-perception whatever, the artist wiser than the men of experience, the masterworker than the mechanic, and the theoretical kinds of knowledge to be more of the nature of Wisdom than the productive.