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Paley, William(1743–1805)

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  • A. M. C. Waterman

Abstract

The 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.

Suggested Citation

  • A. M. C. Waterman, 2011. "Paley, William(1743–1805)," The New Palgrave Dictionary of Economics,, Palgrave Macmillan.
    • Handle: RePEc:pal:dofeco:v:5:year:2011:doi:3847
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    More about this item

    Keywords

    Cambridge; fluxions; Keynes; Mandeville; Paley; population;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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