William Petty

Date of Birth: May 26, 1623

Zodiac Sign: Gemini

Date of Death: December 16, 1687

Biography

Sir William Petty was a renowned English economist, physician, scientist, and philosopher, born on May 26, 1623, in Romsey, Hampshire, England. He was a significant figure in the early development of economic theory and is often credited as one of the founding fathers of political economy. Petty’s work laid the groundwork for modern economics and statistical analysis, and he made substantial contributions to the fields of public finance and demography. Educated at the University of Oxford and Leiden University, Petty’s diverse interests led him to a variety of roles throughout his life, including serving as a physician to the army, a professor of music, and a surveyor. His most notable work, “Political Arithmetick,” emphasized the importance of empirical data and quantitative methods in economic analysis, a revolutionary idea at the time. Petty was also involved in the Down Survey of Ireland, a cadastral survey used to measure land for redistribution following the Cromwellian conquest. His innovative and systematic approach to the survey demonstrated his exceptional skill in practical applications of his theoretical knowledge. Throughout his life, Petty maintained a close association with the Royal Society, contributing significantly to its mission of promoting scientific knowledge. His interdisciplinary approach and pioneering methods in economics have left a lasting legacy on the field.

5 Interesting Facts about William Petty

1. William Petty is considered one of the founders of modern statistics due to his emphasis on quantitative analysis.

2. He was knighted by King Charles II in 1661 for his contributions to science and economics.

3. Petty developed the concept of “The King’s Rent,” an early form of taxation based on land value.

4. He was a member of the Royal Society and contributed to its early success and development.

5. Petty’s work in the Down Survey of Ireland was revolutionary, employing systematic mapping techniques that were advanced for his time.

5 Most Interesting Quotes from William Petty

1. “Money is the best rule of commerce.”

2. “The labor of the poor is the mines of the rich.”

3. “A small quantity of money will beget more trade than a greater quantity of goods.”

4. “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.”

5. “Land and labor are the two original sources of all wealth.”

Highest Net Worth Achieved

At the height of his career, William Petty’s net worth was substantial, particularly due to his landholdings in Ireland, although exact figures are challenging to determine by modern standards.

Children

William Petty had three children with his wife, Elizabeth Waller. Their names were Charles Petty, Henry Petty, and Anne Petty. His descendants continued his legacy, with some becoming notable figures in British politics and society.