Nassau William Senior

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Senior, Nassau William

 

Born Sept. 26, 1790, in Comptom, Berkshire; died June 4, 1864, in Kensington. English economist.

After graduating from Oxford University in 1815, Senior became a lawyer. He was a professor of political economy at Oxford from 1825 to 1830 and from 1847 to 1852. Senior held leadership positions on various government commissions on questions of labor in industry. His main work was An Outline of the Science of Political Economy (1836). Oversimplifying and distorting classical bourgeois political economy. Senior propounded an apologetic theory of profit, which he defined as compensation to the capitalist for his “abstention” from spending funds for nonproductive purposes. He attempted to provide theoretical justification for the impossibility of shortening the 11.5-hour workday, wrongfully asserting that profit is created only in the last hour of work. Therefore, shortening the workday would have an adverse effect on the country’s economic condition, since the entrepreneurs’ incentive for economic activity would disappear.

WORKS

Three Lectures on the Rate of Wages.... London, 1830.
Letters on the Factory Act as It Affects the Cotton Manufacture. London, 1837.

REFERENCES

Marx, K. Kapital, vols. 1–3. In K. Marx and F. Engels, Soch., 2nd ed., vols. 23–25.
Marx, K. “Teorii pribavochnoi stoimosti” (vol. 4 of Kapital). Ibid., vol. 26.

L. G. SUPERFIN

References in periodicals archive ?
Perhaps nowhere is this better illustrated than in the observation by Nassau Senior that France's overweening ambition had led her to cling to "the barbarous doctrine of the middle ages, that a nation becomes great, not by the growth of its own population, the increase of its own capital, and the improvement of its agriculture and manufactures, but either by seizing the territory and incorporating the subjects of its neighbours, or by obtaining a preponderating influence over their councils" (p.
310, Draft letter to the commissioners from Chadwick protesting policy, 1841; William Nassau Senior, Remarks on the Opposition to the Poor Law Amendment Bill, (London, 1841) p.
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