By Peter Groenewegen
Peter Groenewegen is among the world's greatest students of eighteenth century economics - the period that observed the potent 'mainstreaming' of the self-discipline within the paintings of Smith, Turgot and Quesnay. This number of essays quantities to the definitive advisor to eighteenth century economics and is a needs to for any economist's bookshelves. Eighteenth Century Economics represents 4 a long time of Peter Groenewegen's learn of that interval. awarded in chronological order, the essays learn not just as an authoritative precis of that interval, but additionally as a advisor to the evolution of Groenewegen's writings down the years. There could be doubtless that this ebook is actually critical to any severe economist and should turn out a beneficial source for college kids of the background of monetary proposal.
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Extra info for Eighteenth century economics
Two types of income share arise in such a society: the surplus product or rent for the landowners, who are the sole owners of the national wealth (section 19) and the wages, reduced to subsistence by competition, for those who have no property except for their ability to work (section 6). The extraction of the surplus from the working classes by the proprietors has changed according to the various modes of agricultural production which have been practised (sections 20–8), that is, slavery, bondage to the soil, vassalage, sharecropping and, finally, the leasing of land to farmers who supply their own capital for the cultivation of the land for which they pay a regular and pre-determined money rent.
The second part of the ‘Reflections’ opens with the statement that there is a further way of earning a revenue, which depends neither on work nor on land ownership: this is living off the revenue from money or interest. This requires a discussion of money (section 30), value and exchange (sections 31–48) and a discussion of capital accumulation, the need for capital in all sections of industry and the origin of profit (sections 49–55, 59–60, 62–71). Since this form of property permits the receipt of an income without labour, it has to be distinguished from the other form, land (sections 56–8) and consequently the division of society into classes presented in the first part is modified.
A. R. J. Turgot Dies: 56 years old. Head of Department of Justice. Appointed Head, Department of Agriculture, Industry and Commerce. Appointed Officer of the Mint. Member of inquiry into monetary reform. C. Beccaria Jeremy Bentham writes Manual of Political Economy. J. Bentham, Defence of Usury. Isnard, Traité des Richesses. Works on Economics published July 14: Storming of Bastille – beginning of French Revolution. Death of Benjamin Franklin. Edmund Burke, Reflections on the Revolution in France .
Eighteenth century economics by Peter Groenewegen