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Second edition, first published posthumously the previous year, this the Macclesfield copy, in very desirable condition. The discourse outlines Petty's approach of "political arithmetic" (rigorous statistical analysis of economic data and problems), his core contribution to the discipline of economics, and "ranks as one of his most important works" (Keynes). Petty has gone down in history as the originator of statistical analysis, an approach with wide application in many fields of economics, and which did much to set the still-emerging discipline of political economy on a more scientific, rationalized basis. Petty published various works that covered the subject. "Although printed posthumously, Petty's Political Arithmetick was widely circulated during his lifetime among his friends in numerous manuscripts, one of which he presented to the King with a dedication written probably in 1683. He was nevertheless very reluctant to have it printed, this resulting in its appearance in an unauthorized and inferior form under the title England's Guide to Industry, 1683. According to Hull, who described some of the manuscripts, Petty wrote the book during the years 1671-6. After his death there was a general demand for it, and Lady Petty, with the support of Sir Robert Southwell, allowed it to be printed. In the book he examined the potential wealth of England by 'Observations of positions expressed by number, weight and measure', that is, by statistics. It was acknowledged in Petty's own time that he was the inventor of this method of exposition" (ibid.). "The novelty in Petty's approach was to quantify. by abstracting numbers and using these as the basis of calculation, whether of profit and loss in his own Irish ironworks or English trades and industries, he constructed the method known as political arithmetic which was widely copied in the later seventeenth century (and beyond). In addition, by isolating such issues as the velocity of circulation, the difference between the natural and market price of a commodity, and the theory of economic surplus, he established important themes and methods for classical economists" (ODNB). The work was first published in 1690. For this second edition, "apart from dropping a comma in the fourth line in some copies and the change of date, the title-page is identical with that of [the edition of 1690] and is printed from the same setting of type. The imprimatur and the rest of the book have been reset line-by-line including the Errata, though some of them have been corrected" (Keynes). The Macclesfield library ranked as one of the finest country house libraries in Britain, with both the first and second Earls of Macclesfield acquiring books on a vast range of subjects. The books were still in a remarkably fresh state of preservation when the library was eventually dispersed in the early years of the 21st century in a series of celebrated sales at Sotheby's, this copy lot 2890, and distinguished by the Macclesfield bookplate to the front pastedown and their blindstamp to the initial leaves. ESTC R19301; Goldsmiths' 2869; Keynes 35; Kress 1770; Wing P1933. Octavo (165 x 104 mm). Contemporary calf, red morocco label, blind panels to covers, red edges. Housed in custom green solander cloth box by the Chelsea Bindery. A few early corrections to text. Lightly rubbed with tiny chip at foot of spine, slight loss at lower outer corner of B7 not affecting text, gathering B a little dusty, generally fresh; an excellent copy.
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