In short, economic vision has been bounded by turns and twists in the historical path. Each economic theory has reached only so far as the prevailing technology and lifestyle of the times allowed it. These aforementioned alterations in capitalism are therefore producing a less predictable market behavior.
In a demonstrative break with his predecessors, Lowe contends that economics can no longer be governed from within. In order to maintain a balance, the economy requires active interference, such as tax inducements. Thus, the new function of economics is not to predict but to control. The old philosophical system, now completely out of date, must give way to an upgraded version — political economics.
At this point, one quality of economic prognostication seems more pertinent than at any other time — Schumpeter's "preanalytic" grasp, which enables the economist to recognize coming trends, such as Schumpeter's cadre of entrepreneurial elite or Mill's vision of human improvement. Even though these projections derive from the personalities and backgrounds of the economists themselves, they must not be dismissed as whimsical or unimportant. Rather, they merit distinction for being penetrating, courageous, and intellectual acts.
In summary, economics, because it is rooted in human behavior, cannot be reduced to a list of mathematical formulae. Economic exchange functions as a single building block of the total social picture. While economics is a thrilling study of one aspect of what it means to be human, it is still only one view of a complex and ever-changing world picture.
