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Encyclopedia Britannica - Main :: PER-PIG |
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PETTY, SIR WILLIAM (1623-1687) , English statistician and political economist, born on the 26th of May 1623, was the son of a clothier
Hampshire , and received his early education at the grammar school there. About the age of fifteen he went to Caen (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 mathematics and other sciences. On his return to England he seems to have had for a short time a place' The survey executed by 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 left in MS. a full account of the proceedings in connexion with it, which was edited by Sir Thomas
His Treatise of Taxes and Contributions contains a clear statement of the 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 day. He understands the cheapening effect of the division of labour. He states correctly the notion of " natural and true " rent as the remainder of the produce of land after payment of the cost of production; but he seems to have no idea of the " law of diminishing returns." He has much that is just on the subject of money: he 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 rate of interest
Great
opinion put forward particularly in the tract
A complete list
Tract
PETTY-OFFICER, the title in the navy of a large number of minor (Fr. petit, small) officers, of less than commissioned or warrant ranksuch as the master-at-arms, sailmaker, caulker, armourer, cook, &c. They were originally named, and removable, by the captain.End of Article: PETTY, SIR WILLIAM (1623-1687) If you wish, you can link directly to this article.
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