Political science with its rich history, but varying national traditions and contexts, deals with a multi-dimensional and ever-changing subject matter of which we are, inevitably, a part. This poses specific epistemological problems, but also offers the opportunity to contribute to the shaping of political reality by insights and actions. This lecture gives a brief outline of this problematique and then presents, by way of illustration, the findings of a major international research project on the political effects of the Great Depression in Europe in the interwar period. Based on this experience, some (tentative and personal) lessons will be drawn for the state of political science and its potential contributions facing the present world economic crisis.