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 was once the 1st Professor of Political economic climate at Oxford, and in his released works he made unique contributions to the idea of worth, lease, inhabitants, cash, and foreign exchange. Senior used to be an energetic proponent of laissez-faire. even though Senior didn't in achieving the originality and impression of the best economists of the classical institution - Smith, Ricardo, and Malthus - he did make a permanent contribution at the improvement of economics. John Stuart Mill took a lot attempt to reply to Senior.
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Extra info for An Outline of the Science of Political Economy
Place us on the banks of a river, or in an orchard, and we shall inevitably perish of thirst or hunger, if we do not, by an effort of industry, raise the water to our lips, or pluck the fruit from its parent tree. "13 Mr. M'Culloch. appears to use the word labour as including all voluntary action. And without doubt, if we use the word labour in so extended a sense, it is true that labour is almost necessarily incidental to the enjoyment of wealth. If it be an act of industry to gather an apple, it is equally an act of industry to raise it from one's plate; and every guest at a festival earns his food by the labour which he exerts in appropriating his own portion.
M'Culloch would answer that the value of the pearl was the result of my appropriative industry in stooping to pick it up. Suppose then that I met with it while eating an oyster ? Supposing that aerolithes consisted of gold, would they have no value ? Or, suppose that meteoric iron were the only form in which that metal were produced, would not the iron supplied from heaven be far more valuable than any existing metal ? It is true that, wherever there is utility, the addition of labour as necessary to production constitutes value, because, the supply of labour being limited, it follows that the object, to the supply of which it is necessary, is by that very necessity limited in supply.
The remainder of the positive checks, such as infanticide and unwholesomeness of climate, habits, or situation, appear rather to facilitate 34 POPULATION early marriages than to produce any actual diminution, or prevent any actual increase of population. Infanticide has been supposed to be rather favourable to population, by opposing to the prudential check to marriage a mode of disposing of its offspring, which may appear easy in contemplation, but from which the feelings of the parents eventually recoil.
An Outline of the Science of Political Economy by Nassau W. Senior