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Petty, Sir William, 1623-87 (B3)<br /> Described by MARX as the 'founder of political economy' and by KEYNES as 'the father of modem economics'. He had an eventful life rising from being a cabin boy of humble origins to a chair of anatomy at Oxford, a chair of music at Gresham's College, London, Physician-General to Cromwell's army in Ireland, a founder of the Royal Society and an original thinker in economics, far surpassing most of his MERCANTILIST contemporaries. His principal mentor was Thomas Hobbes, particularly in matters of taxation.<br /> Most of his economic writings, dictated at night to his secretaries as he paced up and down his study munching raisins, were attempts to solve the policy problems posed by the Restoration of Charles II. His most comprehensive work was the first economic work on public finance, A Treatise of Taxes (1662); his posthumous Political Arithmetick (written 1671, published 1690) introduced the quantification of economic variables to political economy. He is credited with the first clear enunciation of many economic ideas, including HUMAN CAPITAL, the LABOUR THEORY OF VALUE, EXPENDITURE TAXES, PUBLIC WORKS as a cure for UNEMPLOYMENT, the DIFFERENTIAL THEORY OF RENT, the TRADE CYCLE, THE CIRCULAR FLOW of income, the bank creation of credit and the VELOCITY OF CIRCULATION.<br /> <br /><em>Reference</em><br />Hull, C.H. (ed.) (1899) The Economic Writings of Sir William Petty, Cambridge: Cambridge University Press (reprinted New York: A.M. Kelley, 1964-5).<br /> Roncaglia, A. (1985) Petty: The Origins of Political Economy, Cardiff: University College Cardiff Press.
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<strong>Award Year (AY)</strong> – The standard federal definition of an award year is July 1 through June 30. (Note: the acronym “AY” may also refer to the Academic Year or Aid Year.)
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