Nassau William Senior

Date of Birth: September 26, 1790

Zodiac Sign: Libra

Date of Death: June 4, 1864

Biography

Nassau William Senior was a prominent English economist and a leading figure in the early development of classical economic theory. Born into a well-educated family, Senior excelled academically and attended Eton College before studying law at Magdalen College, Oxford. He was called to the bar in 1819 but soon turned his attention to economics, becoming the first professor of political economy at the University of Oxford in 1825. Senior made significant contributions to economic theory, particularly in the areas of value and distribution. He is best known for his work on the theory of abstinence, which he posited as a critical factor in capital accumulation. His influential writings include “An Outline of the Science of Political Economy” (1836) and numerous reports on poor laws and social conditions in England and Ireland. Aside from his academic work, Senior served on various governmental commissions, including the Poor Law Commission and the Handloom Weavers Commission. His expertise was sought after in the formulation of economic policies, and he was a vocal advocate for reforming the English Poor Laws. Senior’s legacy continues to be felt in the field of economics, and his ideas have influenced both contemporary and later economic thought.

5 Interesting Facts about Nassau William Senior

1. Nassau William Senior was the first person to hold the title of Drummond Professor of Political Economy at the University of Oxford.

2. He coined the term “abstinence” to describe the role of saving in capital accumulation.

3. Senior played a significant role in the reform of the English Poor Laws in 1834.

4. He was a frequent contributor to the “Edinburgh Review,” where he published many of his economic ideas.

5. Senior’s work influenced later economists, including John Stuart Mill and Alfred Marshall.

5 Most Interesting Quotes from Nassau William Senior

1. “The price of liberty is eternal vigilance.”

2. “To abstain from the enjoyment which is in our power, or to seek distant rather than immediate advantage, are among the most painful exertions of the human will.”

3. “The science of political economy is a province of the larger science of ethics.”

4. “Wealth is not the end but the means.”

5. “The duty of a government is to make it easy for the people to do right, and difficult for them to do wrong.”

Highest Net Worth Achieved

Nassau William Senior did not achieve significant personal wealth, as his primary focus was on academic and governmental work rather than accumulating personal riches.

Children

Nassau William Senior had two children: 1. Mary Charlotte Mair Senior (married to the Rev. Samuel John Stone, a hymn-writer) 2. Walter Nassau Senior (a barrister and writer)