Nassau William Senior
Nassau William Senior
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Full Name and Common Aliases
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Nassau William Senior was born on September 28, 1790, in London, England. He is often referred to by his initials, N.W. Senior.
Birth and Death Dates
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September 28, 1790 - November 4, 1864
Nationality and Profession(s)
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Senior was a British economist, academic, and writer. His work primarily focused on economics, politics, and social issues of his time.
Early Life and Background
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Nassau William Senior was born to a family of modest means in London's Westminster district. His father, Joseph White Senior, was a merchant who had emigrated from Ireland to England. Nassau Senior was the second child and only son among four children. The family moved frequently during his early years due to his father's business ventures.
Senior's academic interests began at a young age. He attended Eton College before moving on to Balliol College, Oxford, where he studied law and philosophy. His time at Oxford laid the foundation for his future work in economics and politics.
Major Accomplishments
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Senior's contributions to economics were significant during his lifetime. Some of his notable accomplishments include:
Influence on Ricardo: Nassau Senior was a close friend and colleague of David Ricardo, another prominent economist of the time. He helped shape Ricardo's ideas on economics, particularly in regards to value theory.
Lectures at Oxford: Senior delivered influential lectures at Balliol College, focusing on topics such as international trade and the gold standard.
Advocacy for Factory Acts: Senior played a key role in advocating for better working conditions and laws for factory workers. His efforts led to significant changes in labor legislation.Notable Works or Actions
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Some of Nassau Senior's notable works include:
An Outline of the Science of Political Economy (1830): This treatise provided an introduction to economics, emphasizing the importance of supply and demand.
* Letters on the Factory Act (1837): In this series of letters, Senior argued for more stringent regulations on factory working conditions.
Impact and Legacy
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Nassau William Senior's impact on economic thought was significant during his lifetime. His work built upon that of Adam Smith and David Ricardo, shaping the development of classical economics. Though he is less well-known today than some of his contemporaries, Senior's contributions to labor legislation and social reform continue to be acknowledged.
Why They Are Widely Quoted or Remembered
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Nassau William Senior's quotes are often cited for their insight into economic theory and practice. His ability to explain complex ideas in a clear, concise manner has made him a respected figure among economists and historians.
Quotes by Nassau William Senior
The state, by relieving idleness, improvidence, or misconduct from punishment, and depriving abstinence and foresight of the reward, which have been provided for them by nature, may indeed destroy wealth, but most certainly will aggravate poverty.
To abstain from the enjoyment which is in our power, or to seek distant rather than immediate results, are among the most painful exertions of the human will.
The surplus revenue which they occasion beyond average wages and profits is a revenue for which no additional sacrifice has been made.
Thus, in ordinary language, the word Capital is sometimes used as comprehending every species of Wealth, and sometimes as confined to Money.
That, agricultural skill remaining the same, additional labour employed on the land within a given district, produces a less proportionate return.
The first, or theoretic branch, that which explains the nature, production, and distribution of wealth, will be found to rest on a very few general propositions, which are the result of observation, or consciousness.
The payment made by a manufacturer to a patentee for the privilege of using the patent process, is usually termed, in commercial language, a rent; and under the same head must be ranked all extraordinary qualities of body and mind.
That the powers of labour, and of the other instruments which produce wealth, may be indefinitely increased by using their products as the means of further production.
That every person is desirous to obtain, with as little sacrifice as possible, as much as possible of the articles of wealth.
Value denotes a relation reciprocally existing between two objects, and the precise relation which it denotes is the quantity of the one which can be obtained in exchange for a given quantity of the other.