D. P. O’Brien - J.R. McCulloch: A Study in Classical Economics

Routledge Library Editions Economics

HISTORY OF ECONOMIC THOUGHT

In 23 Volumes

First published in 1970

Reprinted in 2003 by
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First issued in paperback 2010

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1970 Routledge

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British Library Cataloguing in Publication Data
A CIP catalogue record for this book is available from the British Library

J R McCulloch
ISBN 978-0-415-31336-0 (hbk)
ISBN 978-0-415-60727-8 (pbk)
ISBN 978-0-415-31320-9 (set)
eISBN 978-1-134-55918-3

Miniset: History of Economic Thought

Series: Routledge Library Editions Economics

FIRST PUBLISHED IN 1970

This book is copyright under the Berne Convention. All rights reserved. Apart from any fair dealing for the purpose of private study, research, criticism or review, as permitted under the Copyright Act, 1956, no part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, electrical, chemical, mechanical, optical, photocopying, recording or otherwise, without the prior permission of the copyright owner. Enquiries should be addressed to the Publishers.

Routledge 1970

ISBN 0 04 330158 4

To Eileen

My chief debt in the preparation of this book is undoubtedly to Professor R. D. C. Black who has been my constant guide during the course of its preparation. He first suggested that a study of McCulloch was long overdue and the topic has indeed proved of absorbing interest. He has been a constant source of help and guidance during its preparation and, despite heavy commitments, has read all the material contained in this book as it was prepared, and assisted greatly in clarifying the analysis while deftly translating my clumsier phrases into English. I was also greatly assisted by the suggestions of Professor Marian Bowley who at an early stage read the chapter on McCulloch and the theory of value and later read the work in its entirety. Professor T. W. Hutchison has also read the work and made some most useful comments. I am also deeply grateful for the encouragement which I received in the course of this work from Lord Robbins. Needless to say, none of the above can be held responsible for any mistakes the work may contain mea culpa. The task of anyone asked to read anothers work can often enough be thankless and I am grateful for their assistance without wishing to shift any of the burden of responsibility.

I owe a debt also to the Inter Library Loan Service and in particular to those responsible for its operation in Queens University, Belfast. Much of this work could not have been prepared without them. My thanks are also due to the Research Fund of Queens University which has provided finance for frequent trips to the British Museum, Goldsmiths Library, Public Record Office, and other institutions, and for photocopying without which the work could not have progressed. I have also to thank the staff in the places visited for their help; in particular the Goldsmiths Library was always a delight to work in. I must also mention Derby Public Library (the Wilmot Horton papers), Durham University (and the custodian of the Grey papers Mr J. E. Fagg), Edinburgh University and Public Libraries, the India Office Library, Messrs Longmans (Miss B. M. Hurst), J. A. Murray, the National Library of Scotland, the National Library of Wales, the libraries of University College London and Reading University, the Scottish General Registry Office, the Scottish Record Office, and Somerset House. I am especially grateful to Mr J. Munro of the Scotsman for allowing me access to the Scotsman Mss; and I must also thank most warmly those who allowed me to use material in their private possession, especially the owners of the Overstone papers, the Morrison papers (and their custodian Mr Richard Gatty), the appeal I am grateful to the