Daniel Raymond

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Daniel Raymond (1786–1849) was the first important political economist to appear in the United States. He authored Thoughts on Political Economy (1820) and The Elements of Political Economy (1823).

Economic theory[edit]

He theorized that "labor creates wealth," which may have been an improvement based on the thinking of Adam Smith of Europe. Daniel Raymond thought that the economy of England was actually the economy of the higher-ranking members of that society, and not the economy of the entire nation. He held that wealth is not an aggregation of exchange values, as Adam Smith had conceived it. Daniel Raymond held that wealth is the capacity or opportunity to acquire the necessaries and conveniences of life by labor.

Raymond systematized the infant industry argument.[1]

Political theory[edit]

In 1845, he wrote a book entitled 'The Elements of Constitutional Law' which included basic definitions of a government, a sovereign state, a confederacy and a constitution. While these concepts have evolved, much of the basic theories which he outlined still have relevance in modern political analysis.[2]

His writings affected political developments in the United States.[3]