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Copyright © Cambridge Political Economy Society

research-article

Why William Paley was ‘the first of the Cambridge economists’

A. M. C. Waterman

St John's College Winnipeg R3T 2M5, Canada

Abstract

Keynes suggested that Paley was ‘the first of the Cambridge economists’ because of chapter XI in Principles of Moral and Political Philosophy (1785), which contains an analysis of the general interdependence of ‘provisions’ and ‘luxury’ goods. After describing the intellectual content of Paley's political economy, the article presents a two-sector, macroeconomic model which captures the analytical content of chapter XI. The model is then used to explain why Paley's work was so important for Malthus and so interesting to Keynes; and why it should have been ignored by all writers in the ‘classical’ tradition ever since.

Manuscript received May 12, 1995; final version received October 30, 1995.


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