See also:English statistician and
See also:political economist,
See also:born on the 26th of May 1623, was the son of a
See also:clothier at
See also:Romsey in Hampshire, and received his early
See also:education at the grammar school there . About the age of fifteen he went to
See also:Caen (
See also:Normandy), taking with him a little stock of merchandise, on which he traded, and so maintained himself whilst learning French, improving himself in Latin and Greek, and studying
See also:mathematics and other sciences . On his return to England he seems to have had for a
See also:time a place ' The survey executed by
See also:Petty was, somewhat whimsically, called the " Down Survey," because the results were set down in maps; it is called by that name in Petty's will . He
See also:left in MS. a full account of the proceedings in connexion with it, which was edited by
See also:Thomas A . Larcom for the Irish Archaeological Society in 1851 . The maps, some of which were injured by a
See also:fire in 1711, are preserved in the Public Record
See also:Dublin . His
See also:Treatise of Taxes and Contributions contains a clear statement of the
See also:doctrine that price depends on the labour necessar) for production . Petty is much concerned to discover a fixed unit of value, and he thinks he has found it in the necessary sustenance of a man for a
See also:day . He understands the cheapening effect of the division of labour . He states correctly the notion of " natural and true "
See also:rent as the
See also:remainder of the produce of
See also:land after payment of the cost of production; but he seems to have no idea of the "
See also:law of diminishing returns." He has much that is just on the subject of
See also:money: he
See also:sees that there may be an excess of it as well as a deficiency, and regards the prohibition of its exportation as contrary to sound policy . But he errs in attributing the fall of the
See also:rate of
See also:interest which takes place in the progress of
See also:industry to the increase in the quantity of money . He protested against the fetters imposed on the
See also:trade of
See also:Ireland, and advocated a union of that
See also:country with
See also:Great Britain .
Whilst thegeneral tendency in his day was to represent England as in a state of progressive decline—an opinion put forward particularly in the
See also:tract entitled Britannia languens—Petty declared her resources and prospects to be not inferior to those of France . A
See also:list of his
See also:works is given in the Athenae oxonienses . The most important are: the Treatise of Taxes and Contributions (1662, 1667 and 1685); Political Arithmetic, presented in MS. to
See also:Charles II., but, because it contained
See also:matter Iikely to be offensive to France, kept unpublished till 1691, when it was edited by Petty's son Charles; Quantulumcunque, or a Tract concerning Money (1682) ; Observations upon the Dublin Bills of Mortality in i681 and the State of that City (1683);
See also:Essay concerning the Multiplication of Mankind (1686) ; Political Anatomy of Ireland (1691) . Several papers appeared in the Philosophical Transactions . See Economic Writings of Sir
See also:William Petty, ed . C . H .
See also:Hull (2 vols., 1899) . PETTY-OFFICER, the title in the
See also:navy of a large number of minor (Fr.
See also:petit, small)
See also:officers, of less than commissioned or
See also:warrant rank—such as the
See also:master-at-arms, sailmaker, caulker, armourer,
See also:cook, &c . They were originally named, and removable, by the captain .
JOHN PETTIE (1839-1893)
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