Early British - Economic Thought

 

Early Pre-Classical British Economic Philosophy

Early pre-classical British economic philosophy was characterized by the contributions of several prominent thinkers who laid the foundation for modern economic thought. Here are some of the key philosophers and their contributions:

William Petty (1623-1687): 

William Petty, a man of might, Applied science to economics with all his might. He coined the term "political arithmetic," And used statistics to make his case, with scientific merit.

Petty was a physician, economist, and statistician who made significant contributions to the early development of economic thought. He is known for his concept of the "labor theory of value," which holds that the value of a good is determined by the amount of labor required to produce it. Petty also developed the concept of the "national income," which is the total value of all goods and services produced in a country in a given year.

Thomas Mun (1571-1641): 

Thomas Mun, a merchant wise, Advocated for mercantilist policies, without compromise. He argued that exports should exceed imports, To generate wealth and strengthen the nation's forts.

Mun was a merchant and mercantilist economist who is best known for his book England's Treasure by Foreign Trade (1630). In this book, Mun argued that a country's wealth could be increased by exporting more goods than it imported. He also advocated for government policies that would support exports and discourage imports.

Dudley North (1641-1691):

Dudley North, a bold thinker, Challenged mercantilist dogma, like a sprinkler. He argued that free trade was the key to prosperity, And that government intervention should be limited, with dexterity.

North was a merchant and economist who was known for his opposition to mercantilism. He argued that free trade would benefit all countries involved. North also developed the concept of the "natural rate of interest," which is the rate of interest that would exist in a free market.

John Locke (1632-1704):

John Locke, a philosopher of great renown, Developed theories of property rights and the social contract, that astound. He argued that individuals have natural rights, Including the right to private property, acquired by their own might. 

Locke was a philosopher who made important contributions to economic thought. He is best known for his concept of natural rights, which includes the right to property. Locke argued that individuals have a right to the fruits of their own labor. This concept had a profound impact on the development of economic thought.

 

David Hume (1711-1776):

David Hume, a skeptic with a keen mind, Examined the relationship between money and prices, with his own design. He developed the quantity theory of money, Which states that the money supply determines the price of goods, honey.

Hume was a philosopher, economist, and historian. He is known for his skepticism and his emphasis on the importance of experience. Hume made important contributions to the study of money and prices. He also developed the concept of the "quantity theory of money," which holds that the level of prices is determined by the amount of money in circulation. 

These early British economists laid the foundation for the development of classical economics in the 18th and 19th centuries. Their ideas continue to influence economic thought today.

Written by: Pasan Rathnayake 

References

• Mun, Thomas. (2023, November 3). In Encyclopædia Britannica. 
• North, Dudley. (2023, November 3). In Encyclopædia Britannica. 
• Locke, John. (2023, November 3). In Encyclopædia Britannica. 
• Hume, David. (2023, November 3). In Encyclopædia Britannica.