AbstractThe whole of Paley's contribution to economics is contained in a single chapter of Moral and Political Philosophy (1785). The object of ‘rational politics’ is to maximize ‘happiness’, and Paley argued that this is achieved by maximizing population. Population is determined by the total supply of ‘provisions’ produced by the agricultural sector. The demand (and hence supply) for ‘provisions’ and for ‘luxuries’ are reciprocally determined. As in Mandeville, the taste for ‘luxuries’ stimulates production. But it also acts in the opposite direction because it deters population. Paley explicitly recognised the optimization problem and was the first economist to do so.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
This chapter was published in: Steven N. Durlauf & Lawrence E. Blume (ed.) , , pages , 2011, 1st quarter update.
This item is provided by Palgrave Macmillan in its series The New Palgrave Dictionary of Economics with number v:5:year:2011:doi:3847.
Contact details of provider:
Web page: http://www.palgrave-journals.com/
Find related papers by JEL classification:
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sheeja Sanoj).
If references are entirely missing, you can add them using this form.