ABSTRACT
John Law and Bernard Mandeville can be regarded as iconoclasts who defy the authority of the economic Church. Sir William Petty goes further. He simply refuses to recognise economics as a religion and treats it as a science instead. Petty’s views on the economy are clearly influenced by his medical background. “Anatomy is not only necessary in Physicians, but laudable in every Philosophical person whatsoever”. Petty’s idea that the responsibility of the State should be restricted to the protection of its citizens is motivated neither by misplaced compassion for the offender nor by disregard of the victim. Economic rationality does not blind him to political reality. Anxieties are relieved with a cast-iron reassurance. “There is a certain measure, and proportion of money requisite to drive the trade of a Nation, more or less then which would prejudice the same”. Obedience to the Law of Competition has to be accompanied by respect for the Law of Circulation.
