description Nassau Senior Overview
Nassau William Senior (1790–1864) was a prominent British classical economist and lawyer. He became the first Drummond Professor of Political Economy at Oxford University. Senior is best known for developing the abstinence theory of capital and interest, which posited that interest is a reward for abstaining from immediate consumption. He also authored the Poor Law Amendment Act of 1834 and advised the British government on economic policy.
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Who was Nassau William Senior?
Nassau William Senior was a British classical economist and lawyer who lived from 1790 to 1864. He became the first Drummond Professor of Political Economy at Oxford University.
What was Senior's abstinence theory?
Senior argued that interest and profit could be understood as a reward for abstaining from immediate consumption. In this view, capital grows when resources are saved and used for production instead.
What academic position did Nassau Senior hold at Oxford?
Senior held the Drummond Professorship of Political Economy at Oxford University. He was the first person appointed to that chair.
Why is Nassau Senior remembered in economics?
He is remembered for his work on capital, interest, wages, and the role of saving in classical political economy. His abstinence theory became a well-known nineteenth-century explanation of interest.
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