British economist and philosopher
Samuel Bailey, (born 1791, Sheffield, Yorkshire, Eng.—died Jan. 18, 1870, Sheffield) English economist and philosopher remembered for his argument that value is a relationship and implies a particular state of mind.
After working a few years in his father’s business and accumulating a fortune, Bailey founded the Sheffield Banking Company in 1831, and in 1832 and 1834 he sought unsuccessfully to enter the House of Commons. His published works include pamphlets on parliamentary reform, on the right of primogeniture, and on currency restrictions.
The most significant of Bailey’s writings were his Essays on the Formation and Publication of Opinions (1821), in which he argued that an individual’s opinions are independent of his will. Sequels were Essays on the Pursuit of Truth, on the Progress of Knowledge, and on the Fundamental Principle of All Evidence and Expectation (1829) and A Critical Dissertation on the Nature, Measures, and Causes of Value (1825), which criticized the political economics of the Ricardian school, named after the English economist David Ricardo. Denying the reciprocal relationship between wages and profits, Bailey stressed the productivity of labour and sought to eliminate the pessimism inherent in Ricardo’s economic doctrines. As a politician, he opposed state interference and considered himself a Utilitarian radical. Among his other works are A Review of Berkeley’s Theory of Vision (1842) and Letters on the Philosophy of the Human Mind, 3 vol. (1855–63).