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John RAE

economist , physician

John RAE, economist.


RAE, John was born in 1796 in Scotland.


He migrated to Canada in 1822, having acquired at the universities of Edinburgh and Aberdeen knowledge not only of the classics but also of mathematics and, to some degree, of medicine.


Though working in near complete isolation, he succeeded in creating a theory of capital to which BohmBawerk and others were indebted. In his lifetime some small recognition from J. S. Mill was almost the only notice he obtained. In addition to his capital theory, he discussed the formation of saving, the importance of inventions, and the role of government in redirecting money from luxury expenditure into education, and other forms of public expenditure.

Schoolmaster in Canada, California and Hawaii.