By Nassau W. Senior
Nassau William Senior (1790-1864) - economist, serious essayist and govt adviser - was once a hugely unique classical economist within the period among Ricardo's rules of 1817 and Mill's rules of 1848. He used to be the 1st Professor of Political economic climate at Oxford, and in his released works he made unique contributions to the speculation of price, lease, inhabitants, funds, and overseas exchange. Senior was once an lively proponent of laissez-faire. even if Senior didn't in attaining the originality and impact of the top economists of the classical university - Smith, Ricardo, and Malthus - he did make an everlasting contribution at the improvement of economics. John Stuart Mill took a lot attempt to reply to Senior.
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Extra resources for An Outline of the Science of Political Economy
We have seen that the powers of population, if not restrained by prudence, must inevitably produce almost every form of moral and physical evil. In the case which we are supposing, the wants of society would be confined to the food, raiment, and shelter essential to the support of existence; and they would all consist of the cheapest materials. At present, among civilized nations, the cultivation of the ihvA employs only a portion of its inhabitants, and, generally speaking, as a nation increases in wealth, a smaller and smaller proportion; in England not one third; and a great part of the labourers so employed are producers of luxuries.
But other writers, using the word value in its popular sense, have objected that, according to the definition which we have adopted, the same thing will be wealth to one person and not to another. This consequence is evident; and it is evident that even to the same person the same quality may be wealth under some circumstances, and not so under others. The knowledge NATURE OF WEALTH 25 of English law is profitable in England, that of French law in France ; if an English lawyer, with no other property hut his knowledge, were to se^le in France, or a French lawyer in England, he would find himself instantly reduced from affluence to poverty.
But it is obvious that this could not last for ever; it could not last indeed for two hundred and fifty years. By that time the population of Europe would amount to above three million millions; a number which the wildest imagination cannot conceive capable of existing simultaneously in the whole earth. Sooner or later, therefore, the increase must be checked; and we have seen that prudence is the only check that does not involve vice or misery. But such is the force of the passions which prompt to marriage, and such is each man's reliance on his own good conduct and good fortune, that the evils, whatever they may be, the apprehension of which forms the prudential check, are frequently incurred.
An Outline of the Science of Political Economy by Nassau W. Senior