Running Head: ECONOMIC PHILOSOPHER WILLIAM PETTY Economic Philosopher William Petty Student’s Name: Institutional Affiliation: 1 ECONOMIC PHILOSOPHER WILLIAM PETTY 2 Economic Philosopher William Petty Sir William Petty was a philosopher, scientist, physician, and an English economist. His prominence arose while he was serving the commonwealth and Oliver Cromwell in Ireland. Sir William developed practical techniques to survey a piece of land that was to be confiscated and given to Cromwell's servicemen. Sir William remained a remarkable figure under King James 11 and King Charles 11, as did several people who had served Cromwell. Sir William was a scientist, merchant, inventor, a member of the Royal Society, and a member of parliament of England (Robinson, 2014). He is best remembered for his theories on economics as well as his techniques of political arithmetic. Nonetheless, the philosophy of laissez-faire is attributed to him concerning the regime activity. In 1961, Sir Wiliam was knighted. Petty was the great grandfather of 1st Marquess of Lansdowne, 2nd Earl of Shelburne, and Petty Fitzmaurice. Two men significantly influenced Sir William Petty's economic theories. Thomas Hobbes is the first person whom Petty worked for as a personal secretary. As stated by Hobbes, a theory should set out for maternal plenty and civil peace, which are the rational requirements (Robinson, 2014). Sir Willian chose prosperity while Hobbes focused on peace. Francis Bacon's influence was also intense. Both Hobbes and Bacon held the belief both mathematics and senses must be the foundation of all rational sciences. The passion for validity made Sir William articulate that only a measurable phenomenon would be applied by his form of science and that he would hunt for quantitative precision instead of relying on superlatives or comparatives, resulting in a new subject which he named political arithmetic economist amidst philosopher scientists such as John Locke and merchant-pamphleteers such as Josiah Child. ECONOMIC PHILOSOPHER WILLIAM PETTY 3 Indeed, Petty was writing even before the development of a good political economy. As a result, most of his assertions for precision are not perfect quality. Even so, Sir William wrote about three works majoring in economics. Sir William, therefore, carved a niche as the first dedicated scientist and Quantulumcunque, which was all about Money, Verbum Sapienti, and Treatise of Taxes (Robinson, 2014). In the 1690s, all works by Sir William Petty received considerable attention. His works also showed his theories on critical areas of what would become economics later. An examination of most of his significant theory followed. The theories included those on national wealth, international trade, fiscal contributions, government investment as well as money supply. Life and Influences of Sir William Petty Sir William was born in Romsey and was a great ally of Samuel Pepys. Petty was also a founder of the Royal Society. He is well known for his statistical and historical writings. His forays into mathematical writings were of particular interest. Consequently, he laid a foundation for the modern census methodologies. In addition to his works in a statistical examination, Petty further documented some of his first expositions of the modernized insurance. Various individuals such as Louis Vernon referred to him as an early analyst of the labor theory of value, which has been discussed in the Treatise of taxes (Robinson, 2014). One of Sir Williams's descendants, 3rd Marquess, erected a memorial as well as the likeness of William in Robbey in 1858. The text by 3rd Marquess read or instead acknowledged Petty as a sound philosopher and a true patriot whose indefatigable and scientific works, by his powerful intellect, became an ornament to his nation and a benefactor to his family. ECONOMIC PHILOSOPHER WILLIAM PETTY 4 Sir William Petty Early Life Sir William's grandfather and father were clothiers. Petty was both an intelligent and preconscious boy. In 1637, he became a cabin boy, although after breaking his leg on board, he was set ashore in Normandy. He, later on, he applied in Latin to study in Caen with Jesuits, supporting himself through teaching English. After one year, Petty returned to England. At this time, he had adequate knowledge of Greek, French, astronomy, mathematics, and Latin.In 1643, Petty left to further his studies in Holland. This was after an uneventful period in the navy. It is in Holland that Petty developed an interest in the subject anatomy (Robinson, 2014). Petty, through an English professor based in Amsterdam, became a Hobbes personal secretary who allowed him to contact with Mersenne, Descartes, and Gassendi.Petty later returned to England in 1946, after developing a writing instrument with significant success in sales. Petty studied medicine at the University of Oxford. At a later time, Petty befriended Boyle and Hartlib and ended up becoming a member of the oxford philosophical club. William Petty as a Natural Philosopher In 1660, Petty was treated well at the restoration despite his political allegiances. This was even though he had lost some of his Irish fields. In their first meeting, Charles 11brushed asides apologies by Petty for having supported Cromwell in the past. Charles 11 deemed them as needless. He discussed Petty's experiments into the mechanics instead of shipping. Petty was elected Mp for Instioge in parliament of Ireland in 1661 (Robinson, 2014). He was then admitted as a charter member of Royal Society in 1662. It is in the same year that saw Petty work on his economics, the Treaties of taxes as well as its contributions. Consequently, Petty also had some scientific interests in naval architecture. Also, he had become assured of the superiority of the ECONOMIC PHILOSOPHER WILLIAM PETTY 5 boats(double-hulled), even though these boats were not always a success. In 1664, Petty's experiment reached Porto but sank on his way back. Petty in Ireland and Later Life In 1661, Sir William Petty was knighted by Charles 11. In 166, he returned to Ireland and remained there for 20 years. The events that took Petty from Oxford to Ireland indicated a shift from physical sciences and medicine to social sciences(Robinson, 2014). The field of social sciences became his area of interest that studied it for the rest of his life. Petty's fundamental goal became Ireland's affluence. His works described Ireland and proposed many antidotes for its condition back then. In 1682, he also played a significant role in finding Dublin society. In 1865, he ultimately returned to London, and in 1687, he died. Petty viewed his life in bitter-sweet terms. For instance, he had risen from small beginnings to mix with the educated elites. Petty was by thirty-five, a considerably rich man (Robinson, 2014). He was also a leading member in the field of progressive sciences. Nevertheless, Petty felt insecure about his land holdings. Petty also had ambitions of obtaining significant political posts that remained frustrated. Possibly, Petty anticipated that the astronomical rise he encountered in his early years would remain the same for the rest of his life. Most contemporaries described Petty as good-natured, rational, and humorous being. Family In 1667, Petty married his wife, Elizabeth Waller. Waller was the daughter to Elizabeth Dowdall and Hardress Waller. Elizabeth Waller had previously been married to Fenton Maurice, who later died in 1664. Elizabeth Waller was titled Shelburne Baroness for life. Petty and Elizabeth had three children; Anne, Henry Petty, and Charles Petty (Robinson, 2014). Neither Henry nor ECONOMIC PHILOSOPHER WILLIAM PETTY 6 Charles had male issues. The title Shelburne was passed to Anne's son, John Petty, who had taken his mom's surname. His descendants held the title Marquis. Petty's Economic Works and Theories Those people who have discussed Sir Petty as a great writer on economic subjects have significantly confined themselves very close to the conclusions and criticisms of his theories. Consequently, Petty's writings are now before the readers, who both encapsulate and criticize as Petty's demands suggest. It, therefore, remains an excellent task for the editor to take account, if at all he can, for Petty's writings as they are. Typically, a man of force makes his way in this world without an impalpable ether (McCormick, 2016). The means through which he makes his moves are quite dense and reflects his course this way, according to the temper and the form of the surface that depicts or instead presents to the battering of affairs. Also, his intellectual capacity can not be calculated even though his knowledge of the initial velocity and direction of his mind, as well as the attraction which he draws its flight towards a well-fixed center. Nonetheless, each person not wholly erratic is at one time compelled by his circumstanced and also restrained by his training. Hence, one should postulate this and may find out that in his actual course, he can correctly trace the mean orbit, which would be predicted through calculations. Moreover, the form of Sir Petty's discussions is, with no doubt a directly traceable to his pieces of training as his contents in the different circumstances. As such, the title political Anatomy is comparable with his early studies, yet, the education which significantly impacts Petty's writings was rather that of a converse together with his scientific allies (McCormick, 2016). I shall, therefore, attempt to account in bits for Sir Petty's economic writings by first taking all the intellectual influences, which in turn gave them their main characteristic form, which mainly advocated their content. ECONOMIC PHILOSOPHER WILLIAM PETTY 7 The many trials to trace Hobbes's influence in Sir Petty's attitude towards the church relations with the state do not altogether seem well. Petty, in harmony with his general views, agrees with Hobbes on the fact that the nation may suppress dissent. Far off this initial suggestion, they part company. Moreover, the Leviathan's political theory tolerates or rather does not allow any division of sovereignty. By law, dissenters from church established are mainly political offenders who have to be reduced to conformity since their dissent diminishes the independence of the regime. The key reason, according to Sir Petty, as to why dissent may be suppressed, is very different from this (McCormick, 2016). Petty thinks that the false believers may be punished by the magistrates and thus believes that he shall disobey God in forbearing it for the very typical reasons that people give for the liberty of universal toleration and conscience. Sir Petty is far from thinking that it is either desirable or necessary to employ such powers to secure and enhance the uniformity of worship. Petty, on the contrary, warmly compliments the heterodox, although with curious reservations, and he regards dissent as the only harmless thing that is inevitable. Upon Sir Petty as an economist, the sway of Hobbes was far much outweighed by that of Bacon. Besides, there was no personal connection in this case. During that period, when the New Philosophy founder was dying at Highgate, there was a weaver's brat of the future political arithmetician in Hamshire. Nonetheless, the youth became, as he transitioned to manhood. At the end of the century, distinguished above all its predecessors was not so much by the spirit of explorations as my passion for being accurate in the resolution of results, it is quite easy to find food necessary in the indulgent merriment specifically in their crude apparatus. Sir Petty's interest in the total national wealth sprang from his explanations of taxation, and it is precisely that traces of its genesis hang about it to the termination (McCormick, 2016). Nonetheless, Petty soon came to use the notion for another reason also, which is an excellent means ECONOMIC PHILOSOPHER WILLIAM PETTY 8 of comparing the state of England with her rivals in commercial operations, France and Holland. Petty had made a collection of Holland's Frugalities in 1664, and he consistently and repeatedly complimented different practices from the Dutch for adoption in England. But, Petty seems to have examined the current approximate of Dutch somewhat overstated, and the the thought grew upon him, that it was rather France and not Holland that all the Englishmen must reckon. In interest, Sir Petty acknowledges two aspects, compensation for risk as well as a payment for any inconvenience caused by which a person recognizes against himself in dispensing some of his money, which he may not ask for until at a particular time, whatever his needs shall be. A theory of wages by Petty was not demanded in his technique of calculating the total national wealth (McCormick, 2016). It is, for that reason, that Sir Petty would take them as a given reality, and he had no belief in the issue of distribution in the real sense and was so much fascinated, preferably in the average number of employees than in personal differences. According to Petty, wages are generally the result of as well as equal to the increments which a person can impact by his labor in unprompted productivity of the soil. Petty also suggested that the only distributive proposal concerning wages is the remark that when wages of men increase, rents of land must, for that reason, fall. Petty's Fiscal Contributions Economic contributions were the main concern for all policymakers in the seventeenthcentury since they had remained for a reasonable period, for the wise nation would not at all spend above all its revenues. During that time, England was involved in a fight with Holland. In the first 3 chapters of economics, Treaties of Taxes, Sir Petty sought to initiate principles of taxation as well as public expenditure (McCormick, 2016). The monarch had to adhere to this, specifically when making discernments on how to raise funds for the war. Sir Petty listed six types of public ECONOMIC PHILOSOPHER WILLIAM PETTY 9 charge, including; governance, defense, education, maintenance of impotent of all kinds, infrastructure, and pastrorage of people's souls. Petty then discussed both the general and specific issues about these charges. He thought that there would be substantial scope for cutting back the first four charges. He recommended an escalated spending, particularly on care for the sick, the elderly, government employment of supernumeraries as well as the care for orphans. Petty was an absolute proponent of tax consumption, mainly on the issue of raising taxes. He, therefore, recommended that fees, in general, should meet the different kinds of public charges that he wrote down. Petty also suggested that they should be regular, horizontally equitable and proportionate. He further castigated poll taxes as a very different exercise on beer as taxing the less fortunate excessively. Thus he advocated for a much higher caliber of statistical information to raise taxes more reasonably (McCormick, 2016). Besides, Petty added that imports should also be taxed but only in a manner that would put them at a level with the domestic produce. At this time, a fundamental aspect of the economies was that there was a transformation from barter economies to the money economies. Due to the scarcity of funds, Petty advocated that all taxes should be payable in other forms apart from silver and gold, which he approximated to be less than one percent of the total national wealth. According to Petty, emphasis on the significance of money should be put in place. National Income Accounting Petty introduced the first rigorous analysis of national income as well as wealth in the first two chapters of Verbum Sapienti intending to make the above estimate. According to Petty, it was all too apparent that a nation's wealth lay in more than silver and gold. Petty worked off an ECONOMIC PHILOSOPHER WILLIAM PETTY 10 approximation that the average income for a person was £6 13s 4d per year. In a nation with a population of 6 million, indicating that the total income for that nation would be £40m. Sir William Petty theory on economics produced approximates, in which some were more dependable compared to others, for the different components of national income, which included personal estimates, housing ships and lands. Petty then distinguished between the all stocks (£250m) and the total flows yielding from the stocks (£15m) (McCormick, 2016).The disparity arising between the £25m flows and his approximations for the national income made Petty to presume that the other £25m is the total yield from what must have been £417m of all the labor cost. This yielded to England's total wealth of £667m in the 1660s. Petty as a Statistician Petty used simple averages as his only statistical technique. Petty would not only be a statistician by today's standards but during his era, being a statistician was purely one that utilized the use of quantitative data. Obtaining census data was impossible and quite tricky, particularly for Ireland, thus Petty applied techniques of estimation. The way which Petty would utilize to estimate the total population would only be achieved by starting with approximations of the London population. He would accomplish this by either approximating its deaths or exports. Petty's techniques of using exports are by contemplating that a thirty percent in exports correlates to a similar commensurate increase in population (Mursa & Iacobuţă, 2019). The only way that Petty would use deaths would be achieved by multiplying the total number of deaths by thirty. This would assist him in approximating that one person out of 30 lost his life every year. He would thus be required to multiply the total population of London by eight to obtain the population of all people. Petty was convicted more than once for using such a simple estimation to doctor the figures for the crown. ECONOMIC PHILOSOPHER WILLIAM PETTY 11 Money Supply and the Velocity of its Circulation The figure obtained for the stock wealth as compared with the money supply in silver and gold of only £6m. Sir Petty affirmed that there was a specific amount of money that a country required to run its trade operations. Accordingly, it was feasible to have a small amount of money circulating, and this would thus mean that individuals would then have to depend on barter. Moreover, it would be practicable for there to be a huge lump sum in an economy (Mursa & Iacobuţă, 2019). However, the fundamental question was whether £6m would be adequate to dive a country's commercial operations, mainly when the Kinh wanted to raise more money to facilitate the war with Holland. Petty's answer lay in the velocity of the fund's circulation. In this case, the economic output price level would be equivalent to the price level, which equals money supply times the velocity of flow. Sir Petty further stated that for economic output to be raised for a certain amount of money, then both the price and supply level must occur in smaller circles. This could only be achieved via establishment of a bank (Mursa & Iacobuţă, 2019). Petty precisely affirmed in Verbum Sapienti, not either money wanting to give answers to all the ends of a clear policed state, despite the significant losses thereof which might have occurred these 20 years and that an increased velocity is the answer. Petty also mentioned that there is nothing distinctive about silver and gold, fulfilling the purpose of money and that funds are the only means to an end but not the end itself. Theory of Value On value, a debate started by Aristotle was continued by Petty, who chose to develop a value input-based approach which stated that everything ought to be valued using the two natural denominations, which are labor and land. Both land and labor would be the primary sources of taxable income. Just like Richard Cantillon, Petty sought to come up with some questions between ECONOMIC PHILOSOPHER WILLIAM PETTY 12 "mother and father" of land, labor, and output and to express the value correspondingly. Petty still made the inclusion of the overall productivity, one's industry, and art. He also applied his theory of value to rent (Mursa & Iacobuţă, 2019). Consequently, the natural rent of a portion of land was the surplus of what is produced by the laborer on it annually over what he traded for necessities. Thus, it was the gains above the different costs related to the aspects involved in the production. One of the greatest contributions of William Petty is the theory of value. Mainly, the nature of value has been presented by many philosophers where they provided various schools of economic thought on the nature of value. In that regard, Petty’s ideas and thoughts on the nature of value reacted against ideas presented by Aristotle and Plato. According to Aristotle, the nature of value was based on relative abundance and scarcity (Mursa & Iacobuţă, 2019). In other words, Aristotle argued that value was addressed in terms of the rate used to exchange goods proportionally. Besides, William Petty also acted against the ideas on the nature of value presented by Plato. According to Plato, the nature of value remained a paradox in the economic sectors. In that regard, Petty seemed to have a better thought in the theory of value than Aristotle and Plato. The aim of Petty in examining value was different from ideas presented by other philosophers in the Middle Age Period. Thus, Petty’s idea on the nature of value became clear when he wrote a book known as “A treatise on taxes and contribution.” In this book, Petty argued that money is not the only strategy that should be used to evaluate value (Mursa & Iacobuţă, 2019). He claimed that valuation using money was biased due to economic and financial fluctuations that affect the value of the currency. Therefore, using money as a measure of valuation would mislead the economy in different economic cycles such as recession, depression, and boom. ECONOMIC PHILOSOPHER WILLIAM PETTY 13 After rejecting money as a method of measuring valuation, Petty claimed that the best methods of valuation were land and labor. He terms labor as a father while the land is the mother of wealth. Petty wanted to spread his thoughts and ideas about the nature of value (Mursa & Iacobuţă, 2019). Therefore, he decided to publish different books about valuation to ensure people across the globe understood his ideas on valuation. More significantly, the contributions of William Petty in valuation is still relevant in the modern economy due to its innovative and cogent nature. Although some of his analyses in valuation have been ruled out, the larger part of his contribution to valuation is still applicable in the modern economy and remains a fundamental paradigm for economic schools of thought. The Theory of Surplus William Petty is considered as the inventor of surplus. The surplus theory is one of the most influential theories that Petty presented in his life. Using surplus theory, Petty wanted people to understand the concept of subsistence and surplus. His ideas on surplus argued against the ideas of Karl Marx. According to Karl Marx, the ideas presented by Petty in his Treatise remained the primary origin of the surplus-value theory (Henry, 2014). The central factor that triggered Petty to formulate surplus theory was influence from Samuel Hartlib. Also, agriculture circles in the Middle Age Period promoted William Petty to address the concept of surplus in the economy. All the ideas and thoughts that William Petty presented during his time were influenced by great philosophers such as Karl Marx, Adam Smith, Bernard Mandeville, and John Maynard Keynes. The Interest Rate There is a relationship between the natural rate of rent to Petty's theory on usury. There was a time when various religious writers castigated the charging of interest and hence viewed it ECONOMIC PHILOSOPHER WILLIAM PETTY 14 as sinful. Also, Sir Petty involved himself in a discourse on interests rates as well as on usury, concerning the phenomenon as an award for forbearance on the lender's part. Assimilating his theories of value, Petty concluded that with ideal security, interest rates should be similar to the land rent that the principal could have purchased (Henry, 2014). Also, a preconscious perception of what would result in a general equilibrium finding.On occasions where security was more informal, the returns should, therefore, be more significant. After the establishment of a justification for usury, that of forbearance, Petty then showed his Hobbesian traits contending that any regime regulation of the rate of interest, pointing to the fruitlessness and vanity of making positive civil policies against the laws of nature. Laissez-Faire Governance Laissez-faire governance is one of the key themes of Sir Petty's writings, in which he summed up by utilizing the phrase Vader sicut vault,hence laissez-faire. The motif of medicine, as mentioned earlier, was also crucial to Petty. Petty notified against any over-interference by the regime in the economy, regarding it as analogous to a clinician interfering irrationally with his patient. Consequently, Petty applied it to monopolies, controlling on the exploration of funds and on the commercial activities of the commodities (Henry, 2014). According to Petty, they were vain and harmful to the country. Petty also acknowledged the significance of economies of scale. Further, he described this phenomenon of labor division, concluding that good is cheaper and of good quality, if only people work on it. Petty further added that profit is greater, just like the manufacture is greater itself. Foreign Exchange and Control of Trade According to Petty, he thought that on the efflux of specie is all in vain to attempt to control it, and risky, since it would leave the businessmen to determine what goods a country purchases ECONOMIC PHILOSOPHER WILLIAM PETTY 15 with the little amount of money.He also took into consideration in Quantulumcunque regarding funds that nations bountiful in gold lack such policies restricting specie. Overall, Petty regarded prescriptions on export; for instance, the recent Act of parliament prohibiting the export of yarn and wool as "burthensome." More prohibitions on imports, for instance, from Hollan, such prohibitions did little other than hiking prices, which was only essential if imports significantly exceeded exports (Henry, 2014). Sir Petty further saw more significance in going to Holland and gaining knowledge on whatever skils they posses other than attempting to resist nature. Epitomizing his perception, Petty thought it recommendable to vend cloth for debauching the foreign wines instead of leaving the clothiers jobless. Division of Labour Petty, in his political arithmetic, conducted practical research of division of labor, revealing its existence and significance in Dutch shipyards. Typically, the employees in the shipyard would construct ships as a unit, ensuring that one is complete before starting on the other. However, the Dutch organized the activities with various teams, each performing the same operations for successive ships (Goodacre, 2014). Individuals with specific tasks to perform must have found out new techniques that later were only observed and also justified by writers on the political economy. In surveying Ireland, Sir Petty some principles. His breakthrough was to partition the work to ensure that large parts could be done by individuals without extensive training. Urban Society Sir Petty projected the development of London city and presumed that it might as well swallow the other parts of England, and this was not so far from the real happenings. Petty further explained that if a city, for instance, doubled its citizens in forty years, and the current number be six hundred and seventy thousand, and what if the total number of people in the territory be seven ECONOMIC PHILOSOPHER WILLIAM PETTY 16 million, four hundred thousand, and double in three hundred and sixty years, just as foresaid, then by the underwritten table, it seemed that 1840 A.D the individuals living in the city would be 10,718,880, while the total population in that particular nation would be 10,917,389, which is inconsiderably more (Goodacre, 2014). Therefore it is precise and essential that the development of the city should come to an end before 1840, and thus will be at its maximum in the next preceding decade when the total number of people in the city will be eight times the present population 5,359,000. Also, when there is a total number of 4,466,000 to carry out activities such as pasturage, tillage as well as other rural works relevant and necessary to be performed without the said city. Petty also imagined a life in the future in which London city is seven times larger as compared to now, and that the total population of its inhabitants is 4,690,000 and that in other towns, villages, ports, and cities, there are about 2,710,000 more (Goodacre, 2014). Petty anticipated that at this time, around 1800, deducing the existing trends. Also, at a time long before Malthus, Petty observed the capability of the human population to rise in number. He also saw no valid reason as to why any society should not flourish. Legacy and Summary of William Petty What has been discussed above clearly shows the contributions made by Petty to theoretical matters that have taken over the later subject entitled economics as ever. Petty covered a vast range of different topics, which according to his techniques such as political arithmetic technique, he set out to demonstrate his claims by finding statistics, instead of depending on the anecdotal proof. Consequently, Petty wrote rigorously, however, with humor and concision. The matters that Petty contemplated and wrote are the key topics that have dominated the minds of different economic ECONOMIC PHILOSOPHER WILLIAM PETTY 17 theorists since then. Sir Petty influenced both his immediate successors such as Cantillon Richard as well as some of the greatest economists such as Karl Marx and Adam Smith (Goodacre, 2014). With Adam Smith, Petty shared a world perception that significantly believed in a harmonious and peaceful natural world. All the parallels in the canons of taxations epitomized their joint faith inequality and natural liberty. Both Adam Smith and Sir Petty saw the gains of specialization as well as the division of labor. Moreover, both developed various labor theories of value, just like the great economists such as Karl Marx, Henry George, and David Ricardo did in the nineteenth century. Adam Smith commented nothing concerning Sir Petty in the Wealth of Nations. Besides, in Petty's published writings, there is nothing but a source of reference in a letter to Shelburn, who was one of Petty's aristocratic descendants (Goodacre, 2014). Consequently, Petty continued to exercise influence. Economists such as Karl Marx thought that what Si Petty did, and the efforts that he put to aggregate the ordinary employees well represented a more significant contribution to the nation's economy and not the recognition of the contemporary ideas. As a result, this belief made Sir Petty to make presumptions in his estimated that indeed labor ranked as the primary source of wealth in the nation. On the contrary, Karl Marx deduced that surplus labor was the most significant source of wealth and that the employee was alienated from this surplus as well as from society. Karl Marx's high esteem regarding the economist Adam Smith is well mirrored in his deliberations of Petty's analysis, as attested by various quotations in his main work Das Kapital (Goodacre, 2014). Keynes John also wrote during a period of mass discord, whereby unemployment was on a higher level, and economies were stagnant in the 1930s. Keynes revealed how regimes could manage the ECONOMIC PHILOSOPHER WILLIAM PETTY 18 aggregate appeal to stimulate both unemployment and the output much as Sir Petty had already done with simpler examples in the seventeenth century. ECONOMIC PHILOSOPHER WILLIAM PETTY 19 References Goodacre, H. (2014). The William Petty problem and the Whig history of economics. Cambridge Journal of Economics, 38(3), 563-583. Henry, A. J. (2014). William petty, the down survey, population and territory in the seventeenth century. Territory, Politics, Governance, 2(2), 218-237. McCormick, T. (2016). ‘A Proportionable Mixture’: William Petty, Political Arithmetic, and the Transmutation of the Irish. In Restoration Ireland (pp. 139-156). Routledge. Mursa, G., & Iacobuţă, A. (2019). Handbook on the History of Economic Analysis. The Journal of Philosophical Economics, 12(2), 119-124. Robinson, I. (2014). Understanding William Petty's Atlas of Ireland. Cartographica: The International Journal for Geographic Information and Geovisualization, 49(1), 35-51. Carl Menger The man, myth, and legend Greg Renfro ECON-370 Winter-2020 Professor McConnell Carl, Who? -Born in 1840 in Galicia, modern day Poland -Studied Economics at University of Prague and Vienna (1859-1863) -PhD from the Jagiellonian University in Krakow (1867) -Worked as a Journalist and apprentice lawyer -Faculty of Law and Political Science at the University of Vienna -1871 Published Principles of Economics Father of Austrian School of Economics -Menger vs the German Historical School -Distinctions of Austrian School Thought -Who is in what camp? -The Martian? The focus of the remaining presentation: Marginal Utility - -Price Theory -Money The Marginal Revolution -Marginal Utility -Menger solves the Diamond-Water Paradox -Leon Walrus and William Jevons -Theory of Value $How Much$ -Price Theory-Exchange -Individual Choice -Subjective Value $$Money$$ -Austria-Hungary Testimony -Trusted Market over Policy Makers -Forms of money would change Closing Remarks -Mises Institute -Economics Library -Austrian School of Economics Thank you!
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