John Cazenove (1788–1879) on Say's law and bank credit: a worthy recruit for the 'brave army of heretics'?

Abstract

In 'On some neglected British economists', Edwin Seligman (1903) referred briefly to an anonymous work entitled 'Considerations on the Accumulation of Capital and Its Effects on Profits and on Exchangeable Value', published in 1832. His reference to the 'Considerations' was mildly complimentary, describing it as of "somewhat more than ordinary interest". In his view, the 'Considerations' was designed to enforce the doctrine that "gluts are possible, and can be averted only by an increase of luxurious or unproductive consumption" (Seligman, 1903, p. 351). He did not say whether he agreed or disagreed with this doctrine, and it could be argued that his was a less than adequate summary of the 'Considerations'. Seligman was apparently not aware that the author of the 'Considerations' was John Cazenove, and that Cazenove was the author of at least ten other books and pamphlets in economy (see the appendix for a complete list of Cazenove's economic writings). ... If a reason is sought for not neglecting Cazenove, we need look no further than to his views on demand, consumption, saving and gluts, and to his criticisms of what he called 'Say's principle' and 'Say's new theory'.