With respect to the first of these obstacles, it has often been made a matter of grave complaint against Political Economists, that they confine their attention to Wealth, and disregard all consideration of Happiness or Virtue.

Nassau William Senior’s quote critiques a longstanding criticism of Political Economists, who, according to some critics, focus primarily on Wealth while neglecting the more abstract but equally important concepts of Happiness and Virtue. Senior highlights a perceived limitation within the field of political economy—that its practitioners often prioritize economic growth and material wealth over the moral and emotional well-being of individuals and society as a whole. The quote implies that while wealth is a vital aspect of society, it cannot be the only metric of success or human progress.

By pointing out this obstacle, Senior invites a broader conversation about the role of ethics and well-being in economic theory. He argues that economic policies and systems should consider not only the accumulation of wealth but also how those policies impact the quality of life, happiness, and virtue of individuals. The critique speaks to a more holistic approach to economics, where moral and ethical considerations are just as important as the tangible measures of wealth.

The critique also underscores the limitations of classical economic theories, which often reduce human behavior and social systems to quantifiable factors like production, distribution, and consumption of wealth. Senior’s concern is that such a narrow view overlooks the human element—the ways in which economic systems affect individuals’ emotional, spiritual, and social well-being. He suggests that happiness and virtue should not be considered secondary but integral to any meaningful understanding of human flourishing.

This quote likely originates from Senior’s work as an influential economist in the early 19th century, during a time when the field of political economy was evolving. His perspective is a call for a more integrated and ethical approach to economics, one that values the human cost of economic decisions just as much as the financial outcomes. Senior’s words continue to resonate today as we debate the role of economics in shaping a just and happy society.