Nassau William Senior
Nassau William Senior
Nassau William Senior, was an English lawyer known as an economist. He was also a government adviser over several decades on economic and social policy on which he wrote extensively...
NationalityEnglish
ProfessionEconomist
Date of Birth26 September 1790
further increased means powers produce using
That the powers of labour, and of the other instruments which produce wealth, may be indefinitely increased by using their products as the means of further production.
additional average beyond occasion profits revenue sacrifice surplus wages
The surplus revenue which they occasion beyond average wages and profits is a revenue for which no additional sacrifice has been made.
capital confined ordinary species word
Thus, in ordinary language, the word Capital is sometimes used as comprehending every species of Wealth, and sometimes as confined to Money.
explains few found general result
The first, or theoretic branch, that which explains the nature, production, and distribution of wealth, will be found to rest on a very few general propositions, which are the result of observation, or consciousness.
articles
That every person is desirous to obtain, with as little sacrifice as possible, as much as possible of the articles of wealth.
economy principal sciences
The confounding Political Economy with the Sciences and Arts to which it is subservient, has been one of the principal obstacles to its improvement.
account following means nature object reader remarks slow suggest warn
Our object in these remarks has been not only to account for the slow progress which has as yet been made by Political Economy, and to suggest means by which its advancement may be accelerated, but also to warn the reader of the nature of the following Treatise.
additional employed given labour land less produces remaining skill within
That, agricultural skill remaining the same, additional labour employed on the land within a given district, produces a less proportionate return.
painful results enjoyment
To abstain from the enjoyment which is in our power, or to seek distant rather than immediate results, are among the most painful exertions of the human will.
drawing long may
But that the reasoning from these facts, the drawing from them correct conclusions, is a matter of great difficulty, may be inferred from the imperfect state in which the Science is now found after it has been so long and so intensely studied.
happiness political attention
With respect to the first of these obstacles, it has often been made a matter of grave complaint against Political Economists, that they confine their attention to Wealth, and disregard all consideration of Happiness or Virtue.
science names giving
We propose in the following Treatise to give an outline of the Science which treats of the Nature, the Production, and the Distribution of Wealth. To that Science we give the name of Political Economy.
science nomenclature principles
The time I trust will come, perhaps within the lives of some of us, when the outline of this science will be clearly made out and generally recognised, when its nomenclature will be fixed, and its principles form a part of elementary instruction.
government errors would-be
One of the worst of errors would be the general admission of the proposition that a Government has no right to interfere for any purpose except for that of affording protection.