Meaning: The quote by Nassau Senior, a prominent 19th-century economist, encapsulates the role and responsibilities of a political economist. It highlights the delicate balance between providing general principles for economic guidance and recognizing the limitations of applying these principles in practical political and economic decision-making.

The essence of the quote lies in the distinction between the theoretical and practical aspects of economic analysis. Senior emphasizes that the primary task of a political economist is not to advocate for specific policies or actions, nor to dissuade from them. Instead, the role is to articulate general economic principles that should not be overlooked. These principles serve as a foundation for understanding economic dynamics and can provide valuable insights into the functioning of economies and societies.

The quote suggests that while these general principles are crucial and should not be ignored, they cannot and should not be the sole or even the primary guides for real-world decision-making. This acknowledges the complex and multifaceted nature of economic and political affairs, where numerous factors, including social, cultural, and historical contexts, come into play.

In essence, Senior's quote reflects the dual nature of the political economist's role. On one hand, they are tasked with elucidating fundamental economic concepts and principles that underpin the functioning of economies and societies. On the other hand, they must recognize the practical limitations of applying these principles in the real world, where policymakers are confronted with a myriad of considerations, trade-offs, and constraints.

The quote also alludes to the challenges inherent in translating economic theory into policy and action. While economic principles provide valuable insights, Senior suggests that they may not always be advisable or practicable as the sole or principal guides for actual decision-making. This acknowledges the need for a nuanced and multifaceted approach that takes into account not only economic theory but also the broader political, social, and institutional realities that shape policy implementation.

Senior's perspective aligns with the broader debate within the field of economics regarding the relationship between theory and practice. It underscores the importance of recognizing the limitations of economic theory and the necessity of considering a range of factors when formulating and implementing policies.

In summary, Nassau Senior's quote encapsulates the nuanced role of a political economist as a purveyor of general economic principles while acknowledging the complexities and practical challenges of applying these principles in the real world. It serves as a reminder of the intricate interplay between economic theory and practical decision-making, urging a balanced and comprehensive approach to economic analysis and policy formulation.