Conclusion

Abstract

Henry Brougham and William Ellis each made some, albeit relatively minor, original contributions to economic thought, Brougham more so than Ellis. As a part of his discussions about the implications of colonial policy, Brougham was one of the first to recognize that gluts were possible and he felt Britain could avoid a stagnant economy by exporting both goods and people. He was also one of the earliest proponents of the concept that all sectors of the economy were productive. While Smith had recognized the importance of the manufacturing sector, Brougham stressed that all sectors, even service sectors, were productive.