Political Economy Club facts for kids
The Political Economy Club is the world's oldest group for people who study economics. It was started in 1821 in London by James Mill and his friends. Their goal was to agree on the main ideas of political economy, which is about how countries manage their money and resources. Famous early members included David Ricardo, James Mill, Thomas Malthus, and Robert Torrens.
Back in the early 1800s, there were no special clubs or groups for economists. The Political Economy Club helped them create a scientific community. It was a place where they could share their ideas and get feedback on their work from others.
Even though the club was small (only 30 members), it had a big impact on economics in the 1800s. However, because it was so exclusive, it couldn't become a huge group for all economists. Other groups like the BAAS (started 1832) and the British Economic Association (started 1890) later filled that role.
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Club History
The club began in 1821 and strongly supported free trade, which means countries can trade goods without special taxes or limits. The very first meeting was held on April 18, 1821, at Swinton Holand's house. A second, larger meeting took place on April 30 at the Freemasons' Tavern in London.
Today, the club still meets once a month at Brooks's. Members present their papers (like essays or research) and discuss them over dinner.
Discussions and Ideas
The members of the club often found it hard to agree on the basic ideas of economics. For example, David Ricardo once said that none of their ideas were safe from criticism. In 1823, he famously shared his thought about how difficult it was to find a "measure of absolute value" for things. This means they struggled with how to truly measure the worth of goods and services.
Who Were the Members?
Important Members Over Time
Many important thinkers have been part of the Political Economy Club. Some well-known members from the past include:
- David Ricardo
- Thomas Malthus
- James Mill
- John Stuart Mill
- Nassau Senior
- William Stanley Jevons
- Walter Bagehot
- William Ewart Gladstone (who was also a Prime Minister of the UK)
Current Members
The club still has active members today. Some of them are:
- Lord Willetts
- Sir Adam Ridley
- Tim Congdon CBE
- Peter Jay
- Charles Dumas
- Diana Choyleva
- Gabriel Stein
Founding Members (1821)
Here are some of the 19 people who helped start the Political Economy Club in 1821:
- George Grote MP
- Swinton C. Holland
- George Lyall MP
- Rev. Thomas Robert Malthus
- James Mill
- David Ricardo
- John Abel Smith MP
- Thomas Tooke
- Colonel Robert Torrens
- Henry Warburton MP
Essay Competition
To celebrate the club's 200th birthday (its bicentenary) in 2021, they held an international essay competition. People could choose one of two topics to write about:
- How relevant are the ideas of Malthus (about limits to growth) and Ricardo (about free trade) to today's issues like climate change and how markets work?
- Since the UK's income per person has grown so much in the last 200 years, will it keep growing at the same rate for the next 200 years? If not, why?
See also
- American Economic Association
Publications
The Political Economy Club has also published some important works, including:
- J. R. McCulloch, Early English Tracts on Commerce. (1856)
- Political Economy Club, Revised Report of the Proceedings at the Dinner of 31 May 1876, Held in Celebration of the Hundredth Year of the Publication of the “Wealth of Nations” (1876). This celebrated 100 years since Adam Smith's famous book, The Wealth of Nations, was published.
- Political Economy Club, minutes of proceedings, 1899–1920, roll of members and questions discussed, 1821–1920 with documents bearing on the history of the club. (1921)
