By Nassau W. Senior
Nassau William Senior (1790-1864) - economist, severe essayist and govt adviser - used to be 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 price, lease, inhabitants, funds, and foreign exchange. 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 institution - 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
In Europe it is the reverse. The Turk drinks and the European smokes, not in obedience, but in opposition both to the rules of health and to the forms of society. But wine in Europe and the pipe in Turkey are among the refreshments to which a guest is entitled, and which it would be as indecent to refuse in the one Country as to offer in the other. It has been said that the coal-heavers and lightermen, and some others among the hardworking London labourers, could not support their toils without the stimulus of porter.
What we mean to state is, that no person feels his whole wants to be adequately supplied; that every person has some unsatisfied desires which he believes that additional wealth would gratify. The nature and the urgency of each individual's wants are as various as the differences in individual character. Some may wish for power, others for distinction, and others for leisure; some require bodily, and others mental amusement; some are anxious to produce important advantage to the public; and there are few, perhaps there are none, who, if it could be done by a wish, would not benefit their acquaintances and friends.
Of these causes we have illustrated the two first by the familiar examples of shoes and porter. But the principal cause is climate. The fuel, shelter, and raiment, which are essential to a Laplander's existence, would be worse than useless under the Tropics. And as habits and occupations are very slowly changed, and climate suffers scarcely any alteration, the commodities which are necessary to the different classes of the inhabitants of a given district may, and generally do, remain for centuries unchanged, while their decencies and luxuries are continually varying.
An Outline of the Science of Political Economy by Nassau W. Senior