 |
Henry Charles CareyAmerican economist
Date of Birth: 15.12.1793
Country:  USA |
Content:
Biography of Henry Charles Carey
Henry Charles Carey was an American economist who believed in the future harmonious and mutually beneficial relationship between labor and capital.
Early Life
Henry Charles Carey was born on December 15, 1793, in Philadelphia, Pennsylvania, to Irish immigrant parents. In 1817, Carey became a partner in his father's publishing company, "Carey, Lea & Carey."
Career
After 1835, Carey dedicated himself fully to his scientific work. He authored several published works, including "Essay on the Rate of Wages" in 1835, "The Principles of Political Economy" from 1837 to 1840, "The Past, the Present and the Future" in 1848, "The Principles of Social Science" from 1858 to 1860, and "The Unity of Law" in 1872.
Shift in Economic Views
In his early works, Carey developed the ideas of Adam Smith and David Ricardo. However, in 1844, he shifted his position to become a supporter of protectionism and a critic of free trade principles. He believed, following Alexander Hamilton, that the imposition of customs barriers would promote the development of the young American economy.
Carey disagreed with Ricardo, arguing that the cultivation of agricultural lands was progressing from less fertile to more fertile lands. He also disputed with Malthus, arguing that technological progress would allow for the inclusion of new natural resources in economic circulation, resulting in food production outpacing population growth. Carey also believed that labor and capital would establish predominantly harmonious and mutually beneficial relationships in the future.
