By Gianni Vaggi
This quantity offers a quick heritage of monetary thought from the 17th century to the current day. every one bankruptcy examines the foremost contributions of a huge economist, or crew of economists, and concludes with short feedback for additional analyzing. The economists lined contain Keynes, Marshall, Petty and Jevons, in addition to much less commonplace theorists comparable to Galiani and Turgot.
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Additional info for A Concise History of Economic Thought: From Mercantilism to Monetarism
It can also be seen in Boisguilbert’s work (Chapter 5 below), but William Petty clearly introduced this notion into modern economics and indeed it was the starting point of his economic investigation. In his 1662 Treatise of Taxes and Contributions, Petty wrote: if there be 1000. men in a Territory, and if 100. of these can raise necessary food and raiment for the whole 1000. if 200. more make as much commodities, as other Nations will give either their commodities or money for, and if 400. more be employed in the ornaments, pleasure, and magniﬁcence of the whole; if there be 200.
From Petty’s analysis of the social division of labour emerges his notion of surplus. Not only are 100 men explicitly indicated as supernumerary, but as shown above, the 100 men employed in agriculture and cloth production clearly maintain the whole population, which implies that they produce a surplus of food and clothing above their own needs. The existence of a physical surplus of necessaries, or of basic goods, is a necessary condition for the division of labour. If agriculture is deﬁned in a broad way, as including the production of clothes, then the division of society into different activities depends on the efﬁciency of production in this enlarged agricultural sector, or on the productivity of the 100 men working there.
43). The marketable value, or the price of a good on the market, has a loose relationship with its value in use, or with its utility. Value in use does not regulate the price, the value in exchange depends on circumstances which are different from, and only partly related to the particular and specific features of a good, which make it appropriate for satisfying precise human wants and needs. Hence a first interesting element in Locke’s analysis of value is the fundamental differentiation between the two notions of value in use and value in exchange; the latter concept became a major analytical feature of all ensuing economic theories.
A Concise History of Economic Thought: From Mercantilism to Monetarism by Gianni Vaggi