PRICE, RICHARD

born Feb. 23, 1723, Tynton, Glamorgan, Wales died April 19, 1791, Hackney, near London British moral philosopher, expert on insurance and finance, and ardent supporter of the American and French revolutions. His circle of friends included Benjamin Franklin, William Pitt, Lord Shelburne, and David Hume. A Dissenter like his father, he ministered to Presbyterians near London. His Review of the Principal Questions and Difficulties in Morals (1758) pleaded the cause of ethical intuitionism and Rationalism, foreshadowing both Kant's ethics and 20th-century developments. Price was admitted to the Royal Society in 1765 for his work on probability, which later formed the foundation of a scientific system for life insurance and old-age pensions (Observations on Reversionary Payments, 1771). This same book, coupled with An Appeal to the Public on the Subject of the National Debt (1772), led William Pitt to reestablish the sinking fund to extinguish England's national debt. Enormous sales in America and England followed the publication of his Observations on the nature of Civil Liberty, the Principles of Government, and the Justice and Policy of the War with America (1776). Price was given the freedom of the city of London (1776) and was invited by the U.S. Congress (1778) to advise it on finances. Together with George Washington he was made LL.D. by Yale College in 1781. Price eulogized the French Revolution in a celebrated sermon, Discourse on The Love of Our Country (1789), to which Edmund Burke's Reflections on the Revolution in France was a reply.