By Nassau W. Senior
Nassau William Senior (1790-1864) - economist, serious 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 economic system at Oxford, and in his released works he made unique contributions to the speculation of worth, lease, inhabitants, funds, and foreign exchange. Senior was once an energetic proponent of laissez-faire. even supposing Senior didn't in achieving the originality and effect of the prime economists of the classical university - 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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We have lastly to consider the objections which have been raised to the definition of wealth as a general name for the things which have value. Those who use the word value as synonymous with cost, or as comprehending whatever is useful, of course object to its introduction into the definition of wealth; and so should we do if we used the word value in either of those senses. But other writers, using the word value in its popular sense, have objected that, according to the definition which we have adopted, the same thing will be wealth to one person and not to another.
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. Place us on the banks of a river, or in an orchard, and we shall inevitably perish of thirst or hunger, if we do not, by an effort of industry, raise the water to our lips, or pluck the fruit from its parent tree. "13 Mr. M'Culloch. appears to use the word labour as including all voluntary action.
But all experience shows, that no numerous and civilized nation, surrounded by other civilized nations, can venture to rely on emigration as a permanent and adequate check to population. We say no numerous and civilized nation surrounded by other civilized nations; for we are aware that the hordes of Central Asia and of the Northern parts of Europe, and the surplus inhabitants of some small communities, such as the petty States of ancient Greece and Phoenicia, appear to have found, the one in colonization, the others in armed migrations, a periodical outlet; and that the Americans of European descent have enjoyed for centuries, and for centuries to come may enjoy, in the immense continent behind them, room for as rapid an increase of their numbers as the most unchecked propagation can supply.