Henry Carey as an economist thinker Essay Example | Topics and Well Written Essays - 2000 words

Henry Carey as an economist thinker - Essay Example The criteria that a particular society uses to answer these aspects shape the society’s nature and influence the best answers to these questions (Thompson, 2007). There a number of approaches used to manage economic activities of people living in a society. Whatever approach used, it is necessary to integrate or incorporate behavior of all members in the society. The economic thought history is a study of essential attempts to describe, analyze, and explain the relationships in idealized or actual economic system (Thompson, 2007). Time and life of Henry Carey A. A biography of Henry Carey 1793-1879 Henry Carey was the first son of Mathew Carey, who was an Irish freedom rebel. In the year 1817, Henry Carey became a partner in his father’s publishing company and later resigned from the firm to study economic matters. He published his first economic book in the same year, â€Å"Essay on the Rate of Wages†. ... The American Biography Dictionary affirms that Henry Carey â€Å"made the basic departure (from economic theories of British) of stating that the land gets its value from the resources spent on it†, and that employees’ wages increase at a higher rate than capital returns, therefore, attention towards â€Å" a progressive wealth diffusion amongst the poor in a society†. Following the economic and financial depression of the 1837 panic, Carey turned out to a vocal and fierce free trade opponents in the 1840s (Homestead, 2005). His first new economic statement was in his 1845 brochure â€Å"Commercial Associations in English and France† followed by â€Å"Past, Present, and Future† in 1848. Henry’s next edition was â€Å"The Harmony of Interests: Agricultural, Manufacturing & Commercial† in the year 1851, which is famous for its fierce and repeated attacks on economic doctrines of the British. He later turned his thought to the looming cri sis in America’s southern states in his 1853 book, â€Å" The Slave Trade, Domestic and Foreign† warning against the slave trade in of the British. Henry became one of the highest outstanding supporters of the Republican Party in the 1850s (Homestead, 2005). B. Demand-the reasons that society would desire and pay for the Henry Carey’s economic thoughts Henry Carey’s economic thoughts were of higher significance to the society. His two slogans, â€Å"Protection to American labor† and â€Å"Harmony of Interests† encapsulated his worldview. Henry Carey had a vision to the American society in which small developing and manufacturing towns would prosper across the land (Peskin, 2007). Society demanded his economic thoughts whereby, according to him