By Nassau W. Senior
Nassau William Senior (1790-1864) - economist, severe essayist and executive adviser - used to be a hugely unique classical economist within the period among Ricardo's ideas of 1817 and Mill's ideas 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 idea of worth, lease, inhabitants, funds, and foreign alternate. Senior was once an lively proponent of laissez-faire. even though Senior didn't in achieving the originality and impact of the major economists of the classical college - 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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Though the air which we breathe and the sunbeams by which we are warmed are in the highest degree useful and necessary, it would be a departure from the precision of language to denominate them articles of wealth. " 12 " Labour is the only source of wealth. Nature spontaneously furnishes the matter of which all commodities are made; but until labour has been expended in appropriating matter, or in adapting it to our use, it is wholly destitute of value, and is not, nor ever has been, considered as forming wealth.
Some of the writers who, expressly or impliedly, restrict the term Wealth to the things, the production or appropriation of which has cost human labour, as for instance Mr. Mill, Mr. M'Culloch, Colonel Torrens, Mr. Malthus, and M. Flores-Estrada, appear to suppose that a definition so restricted will comprise every thing that can properly be termed wealth; others, among whom is Mr. Ricardo, admit that there are some things falling within that term which have not been acquired by human exertion, but think them so few or unimportant that it is better to omit them than to disorder the symmetry of the Science by extending it to any thing that is not the result of labour.
Among the Dutch the births somewhat exceed the deaths; the population is dense and is increasing. It is obvious, indeed, that the proportion of annual births to the whole number of people being given, the rate of increase must depend on the proportion borne by the annual deaths. And again, the proportion of deaths to the whole number of people being given, it must depend on the proportion borne by the births; or, to use a shorter form of expression, given the longevity, it must depend on the fecundity, and given the fecundity it must depend on the longevity.
An Outline of the Science of Political Economy by Nassau W. Senior