", Chapter three is devoted to the content of Petty's work. , Despite his political allegiances, Petty was well-treated at the Restoration in 1660, although he lost some of his Irish lands. Tony Aspromourgos. Such a simple use of estimation could have easily have been abused and Petty was accused more than once of doctoring the figures for the Crown. The Quarterly Journal of Economics. Anticipating the quantity theory of money often said to be initiated by John Locke, whereby economic output (Y) times price level (p) = money supply (MS) times velocity of circulation (v), Petty stated that if economic output was to be increased for a given money supply and price level, 'revolutions' must occur in smaller circles (i.e. , But statistical sources were scarce in the 17th century. The natural rent of a land was the excess of what a labourer produces on it in a year over what he ate himself and traded for necessities. London and New York: Routledge, 2018. xiv+247. He would do this by either estimating it by exports or by deaths. For other people named William Petty, see, Money supply and the velocity of its circulation. For Money is but the Fat of the Body-Politick, whereof too much doth often hinder its agility, as too little makes it sick... so doth Money in the State quicken its Action, feeds from abroad in the time of Dearth at home.'. JSTOR 1882563. He … He also erected the Lansdowne Monument on Cherhill Down in Wiltshire. In the short introduction to the volume Blaug did not further explain his choice of articles. He was a precocious and intelligent youngster and in 1637 became a cabin boy, but was set ashore in Normandy after breaking his leg on board. To obtain the population of all of England he would multiply the population of London by 8. Hull, in his scholarly article 'Petty's Place in the History of Economic Theory' (1900) proposed a division of the economic writings of Petty in three (or four) groups: The division given here was still used by scholars at the end of the twentieth century.. Her grandson William Petty, 2nd Earl of Shelburne, praised her as a woman of strong character and intelligence, the only person who could manage her bad-tempered and tyrannical husband. He was knighted in 1661. "Pettys Place in the History of Economic Theory" . On value, Petty continued the debate begun by Aristotle, and chose to develop an input-based theory of value: "all things ought to be valued by two natural Denominations, which is Land and Labour" (p. 44). that sub-discipline getting ahead of that ‘smaller tribe’, the historians of economic thought, on their own ground. Long before Malthus, he noticed the potential of human population to increase. In this same chapter Hull treats the third group of Petty's writings, the Essays in Political Arithmetick, together with the Quantulumcunque. He had risen from humble origins to mix with the intellectual elite and was by 35 a considerably wealthy man and leading member of the "progressive sciences". This figure for the stock of wealth was contrasted with a money supply in gold and silver of only £6m. By the age of 14 he was fluent in Latin, Greek and French and had a strong aptitude of mathematics and astronomy. The contribution of William Petty to the early development of economic theory had already been a subject of research by different scholars. Because obtaining census data was difficult, if not impossible, especially for Ireland, he applied methods of estimation. Perhaps this chapter is biased because of Hull's interest in the use of the statistical method in history and economics. These works, which received great attention in the 1690s, show his theories on major areas of what would later become economics. His breadth of interests was such that he successfully secured the contract for charting Ireland in 1654, so that those who had lent funds to Cromwell's army might be repaid in land – a means of ensuring the army was self-financing.  According to Roll, identifying Petty with the "pseudo-economist advisers of absolute monarchs" is based on "misconception" and "must seriously interfere with a just estimate of Petty's position in the history of economic thought.". On prohibiting imports, for example from Holland, such restrictions did little other than drive up prices, and were only useful if imports vastly exceeded exports. Nonetheless, Petty wrote three main works on economics, Treatise of Taxes and Contributions (written in 1662), Verbum Sapienti (1665) and Quantulumcunque Concerning Money (1682). This brings the focus to the Treatise of Taxes & Contributions, and thus on taxation. "Laissez-faire" policies stood in direct contrast to his supervisor Hobbes' Social Contract, developed based on Hobbes' experiences during the greatest depression in Britain's history The General Crisis. Of particular interest were his forays into statistical analysis. He also mentions that there is nothing unique about gold and silver in fulfilling the functions of money and that money is the means to an end, not the end itself: Nor were it hard to substitute in the place of Money [gold and silver] (were a comptency of it wanting) what should be equivalent unto it. The Economic Thought of William Petty: Exploring the Colonialist Roots of Economics. He befriended Hartlib and Boyle, and he became a member of the Oxford Philosophical Club. The final chapter tries to give a summary of the findings. This could be done through the establishment of a bank. Petty lists six kinds of public charge, namely defence, governance, the pastorage of men's souls, education, the maintenance of impotents of all sorts and infrastructure, or things of universal good. In fact, Karl Marx claimed—rightly, I believe—that Petty was the founder of that school of thought (Marx 1867, p. 81). Returning ultimately to London in 1685, he died in 1687. Petty's Place in the History of Economic Theory is an academic article, written by Charles Henry Hull and published in The Quarterly Journal of Economics in 1900. Sir William Petty FRS (26 May 1623 – 16 December 1687) was an English economist, physician, scientist and philosopher. " The Political Arithmetick, in contrast to the Political Anatomy, deals chiefly with England, and especially tries to prove that England is stronger and wealthier than France. In fairness, a less invested portrait of Petty could call him a very fortunate character as easily. And although he was aware of the fact that most of his calculations were mere guesses, he sometimes drew conclusions, that were far behind real. The influence of Francis Bacon was also profound. related portals: Economic theory. Petty said that the gain is greater "as the manufacture itself is greater". He became a founding member of The Royal Society. He covered such a wide range of topics according to his political arithmetic method, i.e. After an uneventful period in the Navy, Petty left to study in Holland in 1643, where he developed an interest in anatomy. The answer for Petty lay in the velocity of money's circulation. Petty's predilection for a statistical method is due to the influence of Bacon. He applied his theory of value to rent. William, the son of a tailor was born in England in 1623. ; A Treatise of Taxes and Contributions was first pubished in 1662 anonimously. The way in which he would estimate the population would be to start with estimating the population of London. They are: Petty's Place in the History of Economic Theory, "Pettys Place in the History of Economic Theory", The Economic Writings of Sir William Petty, Sir William Petty: A Study in English Economic Literature, Die geschichtliche Entwicklung der National-Oekonomik und ihrer Literatur, "Sir William Petty: A Study in English Economic Literature", "The Labour Theory of Value: Economics or Ethics?  He started by applying his political arithmetic to his own estates: he surveyed the population and livestock, to develop an understanding of the lands potential. The Essays had a public purpose: to prove that London "was a greater city than Paris, and, indeed, the greatest in the world. It was at this height that Petty published his first economic tract, the Treatise on Taxes and Contributions(1662) (initially published anonymously but authorship finally confirmed publicly in 1685). Fiscal contributions were of prime concern to policymakers in the 17th century, as they have remained ever since, for the wise country would not spend above its revenues. Charles II at their first meeting brushed aside Petty's apologies for his past support for Cromwell, "seeming to regard them as needless", and discussed his experiments into the mechanics of shipping instead.. Google Scholar. He was the great-grandfather of Prime Minister William Petty Fitzmaurice, 2nd Earl of Shelburne and 1st Marquess of Lansdowne. In 1652, he left on a leave of absence and travelled with Oliver Cromwell's army in Ireland, as physician-general. As Hobbes had centred on peace, Petty chose prosperity. What is striking about these passages is his intellectual rigour, which put him far ahead of the mercantilist writers of earlier in the century.
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