An Outline of the Science of Political Economy by Nassau W. Senior

By Nassau W. Senior

Nassau William Senior (1790-1864) - economist, severe essayist and executive adviser - was once a hugely unique classical economist within the period among Ricardo's rules of 1817 and Mill's ideas of 1848. He used to be the 1st Professor of Political economic climate at Oxford, and in his released works he made unique contributions to the speculation of worth, lease, inhabitants, cash, and foreign exchange. Senior was once an energetic proponent of laissez-faire. even supposing Senior didn't in attaining the originality and effect of the prime 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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Where that evil is the loss of luxuries, or even of decencies, it is trifling in the first case, and bearable in the second. But, in the case which we are supposing, the only prudential check would be an apprehended deficiency of necessaries; and that deficiency, in the many instances in which it would actually be incurred, would be the positive check in its most frightful xorm. It would be incurred not only in consequence of that miscalculation of chances to which all men are subject, and certainly those not the least so who are anxious to marry, but through accidents against which no human prudence can guard.

An apprehended want of butcher's meat would affect very differently the minds of Englishmen of different classes. It appears to us, therefore, convenient to divide for this purpose the articles of wealth into the three great classes of Necessaries, Decencies, and Luxuries, and to explain the different effects produced by the fear of the want of the articles of wealth falling under each class. 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.

The average duration of life in England is greater than in the United States of America; but BO much greater is the force of the preventive checks, that the rate of increase in America is about double that in England. Again, the average duration of life in the Swiss villages to which we have referred is the same as it is in England; but the preventive check in POPULATION 35 England, strong as it appears when compared with its force in America, is so much weaker than it is in some districts in Switzerland, that, with the same annual mortality, the population is in the one Country stationary, in the other rapidly progressive.

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