On the Origins of Classical Economics: Distribution and Value from William Petty to Adam Smith (Routledge Studies in the History of Economics)
Format: PDF / Kindle (mobi) / ePub
First published in 1995. Routledge is an imprint of Taylor & Francis, an informa company.
292; Lansdowne 1927: vol. I, 36, 66; Papers i.15:3). In the Treatise he pursues the theme in a rather facetious manner. Petty proposes halving the number of clergy via rationalization of parishes and organizational reform; and notes that salvation could be secured with altogether less religion—a view which he implies the Bible corroborates: ‘for the yoak of Christ is easie, and his burthen light’. (This is an allusion to the Gospel of Matthew 11:30.) Warming to his subject, Petty adds that, if he
objective foundations. The idea of political arithmetic evidently took shape in Petty’s mind during the decade from 1662. It is virtually certain, as Davenant (1698: vol. I, 128) asserts, that Petty coined the term, notwithstanding the opinion of his first biographer (Fitzmaurice 1895:183). Petty apparently first used the term in a list of his own writings dated 6 October 1671 and in a letter of 17 December 1672 (Lansdowne 1927: vol. II, 260–2; Fitzmaurice 1895:157–8; also Petty 1674: Ep. Dedi.).
his view of political economy and the state were shaped so decisively by Hobbes’s thought, then little role remains for any direct influence of Bacon—apart from Petty’s broad commitment to the general Baconian temper of the Royal Society’s endeavours. The role of Hobbes explains the essentials of Petty’s methodology and politics. It follows that too much should not be read into Petty’s deference to Bacon in the Advice to Hartlib (1648:2) and the Political Anatomy (1691a: 129). If taken too
the completeness of this account. The final chapter outlines the aftermath of the formation detailed in the preceding chapters, by sketching major developments in the surplus approach to distribution from Adam Smith to the late twentieth century. Hence this study concludes with an account of how the classical surplus approach may be reconstructed and augmented, for the purposes of modern economic analysis; thereby, at the same time, both exposing the limitations and revealing the enduring
the workman. Often in the Principles Steuart treats (surplus) ‘wages’ and ‘profits’ as interchangeable terms (for example, Steuart 1767:161, 288, 684, 695). Though Marx’s accurate comment (quoted in section 5.2) concerning the amorphous combination of wages and profits in Cantillon and Petty does not apply with quite the same force to Steuart, it applies nevertheless. As to the dependence of costs upon prices, Steuart evidently does not grasp the analytical significance of this—in particular, the