The Present Position of Economic Science
Ladies and Gentlemen, To assume the responsibilities of teaching in the London School of Economics is not an easy thing for anyone. It is still less easy for one who has had the privilege of working here as a student. Others know our tradition by public repute. He has known it by daily acquaintance: and to have done that is to find the difficulty of living up to it doubled in intensity. It is in that position that I find myself at present; and I must confess that when I think of the great men who taught us when I was a student — of Edwin Cannan who taught us Economics, of Graham Wallas who taught us Political Science — I tremble at the responsibility of maintaining their standards. I think, too, of [Allyn Young] the late occupant of the Chair of Political Economy, of his wide experience, his profound theoretical insight, his scrupulous and extensive scholarship; and I do not find my apprehensions diminished.
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