By Nassau W. Senior
Nassau William Senior (1790-1864) - economist, severe essayist and executive adviser - used to be a hugely unique classical economist within the period among Ricardo's rules of 1817 and Mill's ideas of 1848. He was once the 1st Professor of Political economic system at Oxford, and in his released works he made unique contributions to the idea of worth, lease, inhabitants, cash, and foreign alternate. Senior used to be an energetic proponent of laissez-faire. even though Senior didn't in achieving the originality and impact of the top economists of the classical tuition - Smith, Ricardo, and Malthus - he did make an everlasting contribution at the improvement of economics. John Stuart Mill took a lot attempt to answer Senior.
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Additional resources for An Outline of the Science of Political Economy
We must begin, however, by stating, as precisely as we can, what we mean by the words Necessaries, Decencies, and Luocuries; terms which have been used ever since the Moral Sciences first attracted attention, but with little attention to precision or to consistent use. It is scarcely necessary to remind our readers that these are relative terms, and that some person must always be assigned with reference to whom a given commodity or service is a Luxury, a Decency, or a Necessary. By Necessaries, then, we express those things, the use of which is requisite to keep a given individual in the health and strength essential to his going through his habitual occupations.
That every man desires to obtain additional Wealth with as little sacrifice as possible, 2. That the Population of the world, or, in other words, the number of persons inhabiting it, is limited only by moral or physical evil, or by fear of a deficiency of those articles of wealth which the habits of the individuals of each class of its inhabitants lead them to require. 3. That the powers of Labour, and of the other instruments which produce wealth, may be indefinitely increased by using their Products as the means of further Production.
An equal diversity exists in the amount and the kind of the sacrifices which different individuals, or even the same individual, will encounter in the pursuit of wealth. And not only is the same sacrifice more severe to one than to another, as some will not give up ease or leisure for study, others good air and a country life, and others recreation and society, but the absolute desire for wealth on the one hand, and the absolute will to encounter toils or privations in its pursuit on the other, are stronger in some men than in others.
An Outline of the Science of Political Economy by Nassau W. Senior