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 ideas of 1817 and Mill's rules of 1848. He used to be the 1st Professor of Political financial system at Oxford, and in his released works he made unique contributions to the speculation of price, lease, inhabitants, funds, and foreign exchange. Senior used to be an energetic proponent of laissez-faire. even if Senior didn't in attaining the originality and effect of the major 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 reply to Senior.
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Additional resources for An Outline of the Science of Political Economy
But even the Indians of Mexico, though their indolence makes them submit to poverty under which an Englishman would feel life a burden, would willingly be rich if it cost them no trouble. It may be necessary, however, to explain our motives for dwelling on so much that is self-evident. Our first reason is, that the proposition in question, though we are not aware that any one has thought that it required to be formally stated, is assumed in almost every process of economical reasoning. It is the corner-stone of the doctrine of wages and profits, and, generally speaking, of exchange.
He must also consider the danger that its quality may not correspond with the description or sample which guided him in making the purchase. The whole expense and risk attending the transport of a diamond from Edinburgh to London are but trifling; but its value is so dependent on its form and lustre, and those are qualities as to which it is so difficult to satisfy any purchaser who cannot ascertain them by inspection, that it would be difficult to obtain in London a fair price for a diamond in Edinburgh.
On the other hand, from a small proportion of annual deaths may be inferred either a rapid increase of numbers, or a strong influence of the preventive checks. 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.