John Ramsay McCulloch Scottish economist, author and editor Date of Birth: 01.03.1789 Country: Great Britain

1. John Ramsay McCulloch: The Leading Ricardian Economist
2. Early Life and Education
3. Rise to Prominence
4. Co-Founder of 'The Scotsman' and Editor of 'Edinburgh Review'
5. Principles of Political Economy
6. Criticism by Böhm-Bawerk
7. Social Beliefs and Legacy
8. Death and Burial

John Ramsay McCulloch: The Leading Ricardian Economist

John Ramsay McCulloch, a renowned Scottish economist, writer, and editor, is widely recognized as the head of the post-David Ricardo (1823) Ricardian school of economics. A staunch proponent of bourgeois liberalism, McCulloch significantly advanced economic thought in the 19th century.

Early Life and Education

McCulloch was born on March 1, 1789, in Whithorn, Wigtownshire. He attended the University of Edinburgh but did not complete his studies. He developed an early interest in political economy and amassed an extensive library of related literature. After his death, his collection became part of the University of Reading's holdings.

Rise to Prominence

Appointed the first professor of political economy at University College London in 1828, McCulloch became a key figure in the dissemination of economic knowledge. As a prolific writer, he authored numerous works on economic policy and was a pioneer in collecting, analyzing, and publishing economic data.

Co-Founder of 'The Scotsman' and Editor of 'Edinburgh Review'

McCulloch co-founded and served as an original editor of the newspaper 'The Scotsman'. He also contributed to the influential 'Edinburgh Review', editing Adam Smith's 'An Inquiry into the Nature and Causes of the Wealth of Nations'.

Principles of Political Economy

McCulloch's most famous work, 'Principles of Political Economy', encapsulated his economic beliefs. The book contained a memorable discussion on the origin of profit using the example of a cask of wine, which is still cited in discussions on value theory. McCulloch argued that the exchange value of a commodity is determined by the labor needed to produce it, rejecting the idea that time itself creates value.

Criticism by Böhm-Bawerk

Austrian economist Eugen von Böhm-Bawerk harshly criticized McCulloch's theoretical work. He accused McCulloch of treating the "theory of interest" and its objects inadequately and of failing to develop a coherent theory due to contradictions and a lack of in-depth analysis.

Social Beliefs and Legacy

McCulloch believed in the harmony of interests among classes in a society based on private property rights and free industry. He advocated for individual liberty in pursuing private interests as the guiding principle of economic policy. While his statistical works retain some relevance, McCulloch has been criticized for ignoring the contributions of English, French, and German socialists.

Death and Burial

John Ramsay McCulloch passed away in London on November 11, 1864. He was laid to rest at Brompton Cemetery. His legacy continues to influence economic thought and the understanding of 19th-century economic liberalism.