Political Economy Club

The Political Economy Club was founded by James Mill [http://cepa.newschool.edu/het/profiles/jamesmill.htm James Mill, 1773-1836] and a circle of friends in 1821 in London, for the purpose of coming to an agreement on the fundamental principles of political economy. David Ricardo, James Mill, Thomas Malthus, and Robert Torrens were among the original luminaries. [Elie Halévy, "The Growth of Philosophic Radicalism," tr. Mary Morris. Boston, Beacon Press, 1955, p. 343.]

In the early 19th century there were no academic societies or professional associations for economists. The Political Economy Club was a way to establish a scientific community, test ideas, and provide peer review for their work. [http://press.princeton.edu/chapters/s7829.html D. P. O'Brien, "The Classical Economists Revisited." Princeton University Press, 2004.]

Discussions

The participants soon found substantial difficulties in formulating and reaching agreement on their fundamental propositions. Ricardo felt that none of their views was safe from criticism. Reflecting on their theoretical discussions in 1823, Ricardo privately expressed his famous opinion about the "non-existence of any measure of absolute value." [Ricardo to Malthus, August 15, 1823. Quoted by Halevy, "Ibid.," p. 352.]

Influence

Participants

Ricardo, Malthus, James Mill, Torrens, Thomas Tooke, John Stuart Mill, John Ramsey McCulloch, Nassau Senior, John Elliott Cairnes, Henry Fawcett, William Newmarch, Samuel Jones-Loyd, 1st Baron Overstone, William Newmarch, Jane Marcet, [http://www2.hmc.edu/~evans/rpas.htm Gary R. Evans, Humanities 2 "Classics of Economic Thought"] George Ward Norman, William Blake, and Jean-Baptiste Say.

Later: William Stanley Jevons, Thomas Edward Cliffe Leslie, Walter Coulson, Robert Mushet, Henry Parnell , James Pennington, John Horsley Palmer, and Thomas Perronet Thompson. Others were drawn from outside the ranks of economists, including G. G. de Larpent, George John Shaw-Lefevre, John Abel Smith, Henry Warburton, Lord Althorp, William Whitmore, W. B. Baring, Poulett Thomson, Sir Robert Wilmot-Horton, Lord Monteagle, Charles Hay Cameron, J. D. Hume, George Grote, James Morrison, Edwin Chadwick, Sir Robert Giffen, Charles Buller, and Sir William Clay.

Significant elections after 1840 include Robert Lowe, Sir G. C. Lewis, Rowland Hill, Stafford Northcote, George J. Goschen, W. E. Gladstone, and W. E. Forster. [http://press.princeton.edu/chapters/s7829.html D. P. O'Brien, "The Classical Economists Revisited." Princeton University Press, 2004.]

Current meetings

Some current members of the society are David Willetts, Peter Jay, Charles Dumas and Tim Congdon. The Club now meets on a monthly basis in the Royal Automobile Club to hear papers presented by members of the club and a discussion over dinner.

References

Archives

* [http://archives.lse.ac.uk/dserve.exe?dsqServer=lib-4.lse.ac.uk&dsqIni=Dserve.ini&dsqApp=Archive&dsqCmd=Show.tcl&dsqDb=Catalog&dsqPos=0&dsqSearch=(RefNo='pec') Political Economy Club papers] at the [http://www.lse.ac.uk/library/archive/Default.htm Archives Division] of the London School of Economics.

Publications

* J. R. McCulloch, "Early English Tracts on Commerce." London: Political Economy Club (1856); Cambridge University Press, 1954.
* Political Economy Club, "Revised Report of the Proceedings at the Dinner of 31st May, 1876, Held in Celebration of the Hundredth Year of the Publication of the “Wealth of Nations”" (London: Longmans, Green, Reader & Dyer (1876).
* Political Economy Club : founded in London, 1821 : minutes of proceedings, 1899-1920, roll of members and questions discussed, 1821-1920 with documents bearing on the history of the club. Macmillan and Co., (1921)