Verbum Sapienti by William Petty
- 1. Verbum Sapienti, written by the polymath William Petty in the 17th century, is a significant work that reflects Petty's multifaceted interests in economics, philosophy, and political theory. In this philosophical treatise, Petty meticulously explores the concept of knowledge and its application to governance, advocating for the empirical understanding of social and economic structures. Through his analytical approach, Petty emphasizes the importance of data and measurement in making informed decisions, which can be seen as a precursor to modern economic thought. The title, translating to 'A Word to the Wise,' encapsulates Petty's intention to enlighten readers about the practical implications of his ideas, urging them to consider the measurable and tangible aspects of society. His discussions touch upon the role of land and labor in wealth creation, framing them as essential components of a thriving state. As one of the founding figures of political economy, Petty's insights in Verbum Sapienti resonate with contemporary discussions about the relationship between economic policy and social well-being, making it a timeless work that continues to inspire scholars and thinkers.
What does 'Verbum Sapienti' translate to in English?
A) Words of wisdom
B) A word to the wise
C) The wise man speaks
D) Speaking wisely
- 2. What method did Petty pioneer in 'Verbum Sapienti'?
A) Scholastic debate
B) Political arithmetic
C) Cartesian logic
D) Dialectical materialism
- 3. What was Petty's view on taxation?
A) Should be proportional to spending
B) Should only affect the wealthy
C) Should be eliminated entirely
D) Should be based on religious affiliation
- 4. How did Petty calculate the value of a person?
A) By their property ownership
B) By their educational attainment
C) By their lifetime earnings potential
D) By their social status
- 5. What economic concept did Petty help develop?
A) National income accounting
B) International trade theory
C) Supply chain management
D) Monetary policy
- 6. How did Petty view the relationship between population and wealth?
A) Only educated population affects wealth
B) Population growth decreases national wealth
C) Population size is irrelevant to wealth
D) Population growth increases national wealth
- 7. How did Petty approach economic data?
A) Used empirical measurement
B) Used religious texts
C) Relied on philosophical reasoning
D) Based on personal observation only
- 8. What was innovative about Petty's economic analysis?
A) Focus on international trade
B) Critique of capitalism
C) Quantitative approach to social phenomena
D) Advocacy for free markets
- 9. What was Petty's main goal in his economic writings?
A) Promote scientific revolution
B) Achieve personal wealth
C) Challenge religious authorities
D) Inform government policy
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