By Peter C. Dooley
Exploring the origins and improvement of the labour thought of worth, Peter Dooley examines its emergence from the average legislation thinker of the 16th and 17th century and its domination of the classical institution of economics. This ebook will turn out to be crucial studying for all scholars of the background of economics.
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Extra resources for The Labour Theory of Value
In 1673, Shaftesbury was dismissed as Chancellor. Locke then went to France, partly due to ill health, where he spent several years, met some leading intellectuals and resumed his study of philosophy. When Locke returned to England in 1679, the country was in turmoil over the succession to the crown. Shaftesbury and his political allies in Parliament, who would form the Whig party, sought to exclude James from the throne. James was a Catholic and, for that reason, suspected of being an agent of a foreign power, particularly Louis XIV.
After returning home and spending time in the navy, he went back to the continent to study medicine at Utrecht, Leyden and Amsterdam, which were among the leading centres in Europe. With a ready eye for money, he supported himself and his younger brother all this time by such ventures as presented themselves: working, trading, gambling, whatever. In Paris, as a young medical student, he worked with Thomas Hobbes on anatomy. Together they studied the treatise by Vesalius, and Petty assisted Hobbes with the diagrams in his Optics.
After observing that the rate of interest had fallen in the past half century, Petty explained that the quantity of money had increased, because trade had increased. If rented Lands, and Houses, have increased; and if Trade hath increased also, it is certain that mony which payeth those Rents, and driveth on Trade, must have increased also. (Petty 1963 :304) This reduced the rate of interest because “the natural fall of Interest, is the effect of the increase of Mony” (Petty 1963 :304).