William Petty
William Petty
#### Full Name and Common Aliases
William Petty is commonly known by his full name, William Petty, and sometimes referred to as the "Father of Statistics".
Birth and Death Dates
William Petty was born on May 27, 1623, in Romsey, Hampshire, England. He passed away on December 23, 1687.
Nationality and Profession(s)
Petty was an English philosopher, physician, engineer, and economist, best known for his contributions to the fields of economics, statistics, and demography.
Early Life and Background
As a young man, Petty studied at Westminster School in London before attending Charterhouse School. He later attended Oxford University, where he became fascinated with mathematics and science. In 1643, during the English Civil War, Petty joined the army as a surgeon's mate, where he gained valuable experience and knowledge that would later influence his work.
Major Accomplishments
Petty is renowned for his pioneering work in economics and statistics. He introduced several innovative concepts, including:
The first systematic study of population growth and demographics
The concept of "political arithmetic," a method of using statistical data to inform policy decisions
His work on the concept of labor value, which laid the foundation for modern economic theoryNotable Works or Actions
Some of Petty's notable works include:
"A Treatise of Taxes and Contributions" (1662), where he introduced his concept of political arithmetic
"The Advice to Mr. Secretary Coventry" (1676), a treatise on population growth and demographics
His work as Surveyor General of Ireland, where he conducted extensive research on the country's geography, climate, and economic conditions
Impact and Legacy
Petty's contributions to economics and statistics have had a lasting impact on modern thought. He is considered one of the founders of modern demography, and his work on labor value laid the groundwork for Marxist theory. His concept of political arithmetic has influenced policymakers and economists for centuries.
Why They Are Widely Quoted or Remembered
Petty's quotes and writings are widely quoted because he was a true pioneer in his field. He had a unique ability to combine theoretical knowledge with practical experience, making him one of the most influential thinkers of his time. His emphasis on empirical data and statistical analysis helped shape modern economic theory and continues to inspire scholars today.
Throughout history, Petty's work has been praised for its clarity, insight, and relevance to contemporary issues. As a testament to his enduring legacy, his ideas continue to be studied and applied by economists, policymakers, and demographers around the world.
Quotes by William Petty
Raising of money may indeed change the species, but with so much loss as the foreign pieces were raised unto, above their intrinsick value.
Without the knowledge of the true number of the people, as a principle, the whole scope and use of keeping bills of birth and burials is impaired; wherefore by laborious conjectures and calculations to deduce the number of people from the births and burials, may be ingenious, but very preposterous.
It were good to know how much hay an acre of every sort will bear; how many cattle the same weight of each sort of hay will feed and fatten; what quantity of grain and other commodities the same acre will bear in one, three or seven years; unto what use each soil is proper; all which particulars I call intrinsic value, for there is also another value merely accidental or extrinsic.
The method I take to do this is not yet very usual; for instead of using only comparative and superlative Words, and intellectual Arguments, I have taken the course (as a Specimen of the Political Arithmetic I have long aimed at) to express myself in Terms of Number, Weight, or Measure; to use only Arguments of Sense, and to consider only such Causes, as have visible Foundations in Nature.
If great cities are naturally apt to remove their seats, I ask, which way? I say, in the case of London it must be westward... If it follow from hence that the palaces of the greatest men will remove westward, it will also naturally follow that the dwelling of others who depend upon them will creep after them.
It were good to know the geometrical content, figure and situation of all the lands of a kingdom, especially according to its most natural bounds.
Now, forasmuch as princes are not only powerful but rich, according to a number of people (hands being the Father as lands are the Mother or Womb of Wealth), it is no wonder why states by encouraging marriage, advance their own interests.
Another cause which aggravates taxes is the force of paying them in money at a certain tinge, and not in commodities at the most convenient seasons.