Page:William Petty - Economic Writings (1899) vol 1.djvu/77

Rh It would be quite possible to take up the various economic topics discussed by Petty according to modern conceptions of them, and to do so would afford a ready-made standard for judging his economic notions. But it would also involve the risk of asking what he thought about problems concerning which it never occurred to him to think at all. No possible answer to such a question can be correct, for the question itself is irrational. Accordingly I leave to those who have a taste for mosaic work and are not yet satisfied with the amount on hand, the task of determining in what details Petty anticipated Smith or Ricardo or Böhm-Bawerk. It will be enough for the present purpose to indicate a few of the chief economic questions which engaged his attention and to attempt to understand why he attacked them and how he solved them.

The economic method which Petty chiefly pursued, taken in combination with the limited extent of his materials, of necessity confined him to the discussion of a few out of the many questions that must have thronged upon his active mind. In no other field of economic interest were so many figures available as in that of taxation, and the fiscal changes of the Restoration, chancing to come just at the time when he first had leisure to return to his studies, gave to his economic inquiries a direction from which he never wholly departed. The only topic neither an outgrowth of his fiscal discussions nor otherwise dictated by his arithmetical method upon which he wrote at length was that of coinage. And it is noteworthy that his little excursions into this relatively foreign field are marked by as great perspicuity and good sense as distinguish his more arithmetical writings. The "Quantulumcunque," indeed, shows Petty very nearly at his best.

As an economic writer then, Petty is essentially a cameralist rather than a mercantilist. Unlike Robinson and Mun and Child, he had little connection with foreign trade ; nevertheless he was too much infected by prevalent mercantile views to see the advantages of unrestricted commerce as clearly as North was able to do. Accordingly while he leans, on the whole, towards a policy of commercial freedom, and is quite clear and consistent in opposing all restraints upon the export of coin or bullion, he seems at times to evade the discussion of the free trade problem—e.g. he does not mention the Act of Navigation—and his utterances on the