JENNINGS, Richard.

£3,000 · Offered by Peter Harrington · No longer available

Natural Elements of Political Economy. First edition. The author of two works which are "notable as early attempts to relate the study of psychology and physiology to political economy. In his Natural Elements, Jennings defined political economy as investigating 'the relations of human nature and exchangeable objects'. Consumption he defined as concerned with the contemplated effect of external objects upon man, and Production with the contemplated effect of man upon external objects. Jennings's treatment of the sensations attending consumption led Jevons to describe him as 'the writer who appears to me to have most clearly appreciated the nature and importance of the law of utility'. Hence it is as an early utility theorist that Jennings has been remembered... He forecast the use of mathematical methods, without himself employing them." (R.D. Collison Black in The New Palgrave).

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