Book Description

Robert Torrens is now widely recognized as one of the major figures in the development of classical economics. In a publishing career spanning fifty years, Torrens made significant contributions to the discussion of every major economic issue of the first half of the nineteenth century and made extensive contributions to Ricardian economics. The 1820 edition of An Essay on the External Corn Trade contains one of the clearest expositions of the corn model. Even earlier, the 1815 edition of the Essay contains a statement of the principle of comparative advantage some four years before it appears in Ricardo's writings. However it is for his contributions to money and banking that Torrens is probably best remembered. He wrote on monetary questions throughout his life and came to particular prominence as the champion of the Currency School. His Letter to Lord Melbourne (1837) which appears here in volume seven is widely seen as leading to separation of the issue and banking departments of the Bank of England brought about by the Bank Charter Act of 1844. In many of his writings, Torrens is outstanding for the independence and originality of his thought. In the letters to Lord John Russell that form the core of the 1844 work The Budget, Torrens modifies the general classical theory of trade by arguing for 'reciprocity' rather than unilateral free trade. He also differed markedly from early classical economics, especially Smith, by arguing that colonies offered significant benefits to the colonial power. Not only did colonies provide profitable investment opportunities to offset declining rates of profit at home, they also provided the ultimate solution to Malthusian overpopulation. Torrens' interest in colonisation went beyond theory, and he was extensively involved in the planning of the successful development of colonies in Australia. The experience of this is recorded in the extremely rare Colonization of South Australia, included in this set. This set collects all of Torrens's major economics writings. As well as including all of his published books, it gathers a wide range of shorter pieces, and many newspaper articles. Each volume contains a new introduction by the editor and the final volume is supplemented by an extensive bibliography, greatly extending and superseding the one in Robbins' 1958 study of Torrens. --the first collected works of this major economist --selects the best editions of the works and includes exceptionally rare items --eight new introductions to the volumes and extensive bibliography by Torrens scholar Giancarlo de Vivo