Books

First edition of Petty's first economic treatise, published as a contribution to the discussions over raising and spending government revenue in the aftermath of the Restoration, and comprising a significant original contribution to economics: "one of the handful of first-rate economic treatises and a classic on its subject" (Strauss, p. 176). "Far from making any claim to scientific detachment, it contains a devastating attack on his bêtes noires, the parasites on the body politic, primarily the clergy and the lawyers, but its greatest achievement is his searching treatment of the main problems of scientific economics. The book is brimful of brilliant ideas" (ibid.). The work posits theories of value and wages, of profit or surplus (in effect a theory of rent), of interest, and of foreign exchange, alongside a discussion of the value of land. Small quarto (178 x 133 mm). Twentieth-century red morocco, spine lettered in gilt, marbled endpapers. Bound without terminal blank. Early notation "2" to title page, errata corrected in text in early hand. Slight stain at foot of spine; slight spotting to a few leaves else contents clean, errata with a few repaired closed tears in inner margin, into text without loss. Goldsmiths' 1686; Keynes 8; Kress 1098; McCulloch, p. 318; Wing P1938. Erich Strauss, Sir William Petty: Portrait of a Genius, 1954.

An early work on political economy that addresses the structure of taxation and its effects on society and government. Petty, a notable economist and scientist, aimed to explore how taxes could be levied in a way that would support the state while also promoting economic productivity and social stability. In this treatise, Petty examines various types of taxes, including taxes on land, goods, income, and even labor, proposing that taxes should be structured in a way that doesn't harm industry or discourage people from working. He advocates for efficient tax collection and emphasizes the importance of fairness, suggesting that taxes should be proportional to people's ability to pay. Petty also discusses public expenditures and the need for government spending to be rational and geared toward the public good. He stresses the relationship between taxes and national prosperity, arguing that a well-organized tax system can enhance economic growth. His ideas about wealth distribution, labor, and economic management were advanced for his time and laid the groundwork for modern discussions on taxation and public finance. The treatise is significant for its early analysis of economic principles, and it reflects Petty's desire to apply scientific methods to solve practical problems in governance and economics. It remains an important historical document in the study of taxation and political economy.