William Petty
| William Petty | |
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William Petty
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| Born | 26 May 1623 Romsey |
| Died | 16 December 1687 London |
| Era |
17th-century philosophy (Modern philosophy) |
| Region | Western philosophy |
| School | Classical economics |
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Main interests
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Political philosophy, ethics, economics |
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Notable ideas
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Division of labour, the growth of London, fiscal theory, monetary theory, national income accounting, economic statistics |
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Influences
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Influenced
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Sir William Petty FRS (Romsey, 26 May 1620 – 16 December 1687) was an English economist, scientist and philosopher. He first became prominent serving Oliver Cromwell and Commonwealth in Ireland. He developed efficient methods to survey the land that was to be confiscated and given to Cromwell's soldiers. He also managed to remain prominent under King Charles II and King James II, as did many others who had served Cromwell.
He was Member of the Parliament of England briefly and was also a scientist, inventor, and entrepreneur, and was a charter member of the Royal Society. It is for his theories on economics and his methods of political arithmetic that he is best remembered, however, and to him is attributed the philosophy of 'laissez-faire' in relation to government activity. He was knighted in 1661. He was the great-grandfather of Prime Minister William Petty Fitzmaurice, 2nd Earl of Shelburne and 1st Marquess of Lansdowne.
Petty was a founder member of The Royal Society. He was born and buried in Romsey, and was a friend of Samuel Pepys.
Petty is best known for economic history and statistic writings, pre-Adam Smith. Of particular interest were Petty's forays into statistical analysis. Petty's work in political arithmetic, along with the work of John Graunt, laid the foundation for modern census techniques. Moreover, this work in statistical analysis, when further expanded by writers like Josiah Child documented some of the first expositions of modern insurance. Vernon Louis Parrington notes him as an early expositor of the labour theory of value as discussed in Treatise of Taxes in 1692.
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