Excerpt from The Economics of Everyday Life, Vol. 1: A First Book of Economic Study
Political Economy, or, as it is more generally called at the present day, Economics, is a subject which has hitherto found very little place in a general education. This is no doubt partly due to the way in which it was presented by many of the earlier writers. They treated it in so abstract a manner that it seemed far too difficult and far too removed from ordinary experience for young students to derive any educational or other advantage from its study. As a matter of fact, however, the subject is an intensely practical one; it deals with problems of everyday life, and everyone can find abundant material for observation and comparison in his own home and in his own surroundings.
Moreover it is being increasingly recognised that for the proper discharge of the duties of citizenship some knowledge of Economics is absolutely essential. Great social and economic problems are constantly needing solution, and those who are called upon to assist in that solution by supporting or opposing any particular measure or line of action should have a sufficient understanding of economic cause and effect to be able to act with judgment and conviction.
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