Online Encyclopedia

Search over 40,000 articles from the original, classic Encyclopedia Britannica, 11th Edition.

SIR WILLIAM PETTY (1623-1687)

Online Encyclopedia
Originally appearing in Volume V21, Page 337 of the 1911 Encyclopedia Britannica.
Spread the word: del.icio.us del.icio.us it!

See also:

SIR See also:WILLIAM See also:PETTY (1623-1687)  , 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 See also:Hampshire, and received his See also:early See also:education at the See also:grammar school there . About the See also: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 See also:French, improving himself in Latin and See also:Greek, and studying See also:mathematics and other sciences . On his return to See also:England he seems to have had for a See also:short See also:time a See also: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 See also:account of the proceedings in connexion with it, which was edited by See also:Sir 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 See also:Record See also:Office, See also:Dublin . His See also:Treatise of Taxes and Contributions contains a clear statement of the See also:doctrine that See also:price depends on the labour necessar) for See also: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 See also:man for a See also:day . He understands the cheapening effect of the See also: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 See also:payment of the cost of production; but he seems to have no See also: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 See also:prohibition of its exportation as contrary to See also: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 See also:union of that See also:country with See also:Great See also:Britain .

Whilst the See also:

general tendency in his day was to represent England as in a See also:state of progressive decline—an See also: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 See also:France . A See also:complete 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 See also: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 See also:City (1683); See also:Essay concerning the Multiplication of Mankind (1686) ; Political See also: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 See also:title in the See also:navy of a large number of See also:minor (Fr. See also:petit, small) See also:officers, of less than commissioned or See also:warrant See also:rank—such as the See also:master-at-arms, sailmaker, caulker, armourer, See also:cook, &c . They were originally named, and removable, by the See also:captain .

End of Article: SIR WILLIAM PETTY (1623-1687)
[back]
JOHN PETTIE (1839-1893)
[next]
PETUNIA

Additional information and Comments

There are no comments yet for this article.
» Add information or comments to this article.
Please link directly to this article:
Highlight the code below, right click and select "copy." Paste it into a website, email, or other HTML document.