Meaning: Nassau William Senior was a prominent English economist and one of the leading figures of the classical school of economic thought in the 19th century. The quote you provided is from his book, "An Outline of the Science of Political Economy," in which he discusses the theoretical foundation of the study of economics.

In this quote, Senior refers to the "theoretic branch" of economics, which he suggests is concerned with explaining the nature, production, and distribution of wealth. He asserts that this branch of economics is based on a few general propositions that are derived from observation or consciousness. This statement encapsulates the essence of classical economic theory, which emphasizes the importance of empirical observation and logical deduction in understanding economic phenomena.

The "nature, production, and distribution of wealth" encompass the fundamental concerns of economics. The nature of wealth refers to its definition and characteristics, including the various forms it can take, such as goods, services, and financial assets. Production of wealth pertains to the process of creating goods and services, as well as the factors that contribute to economic growth and development. Distribution of wealth involves the allocation of resources and income among individuals and entities within a society.

Senior's assertion that the theoretic branch of economics rests on a few general propositions reflects the classical economists' belief in the existence of fundamental economic principles that govern the behavior of markets and individuals. These principles, according to Senior, are derived from observation and consciousness, indicating that they are grounded in empirical evidence and human experience.

One of the key general propositions that underpin the theoretic branch of economics is the concept of scarcity. This principle holds that resources are limited relative to the unlimited wants and needs of individuals and society. As a result, choices must be made about how to allocate these scarce resources, giving rise to the study of production, consumption, and distribution.

Another fundamental proposition is the law of supply and demand, which posits that the prices of goods and services are determined by the interplay of supply and demand in the market. This principle has profound implications for understanding how markets function and how resources are allocated in a market economy.

Additionally, the concept of utility, or the satisfaction derived from consuming goods and services, is a central proposition in economic theory. Senior's reference to general propositions suggests that these fundamental concepts serve as the building blocks for understanding the broader economic system.

Senior's emphasis on observation and consciousness as the basis for these general propositions aligns with the classical economists' commitment to empirical inquiry and logical reasoning. They sought to develop economic theories that were grounded in real-world observations and could be applied to practical economic problems.

In summary, Nassau Senior's quote highlights the foundational principles of the theoretic branch of economics, emphasizing the importance of a few general propositions derived from observation and consciousness. This perspective reflects the classical approach to economic analysis, which prioritizes empirical observation, logical deduction, and the study of fundamental economic principles. By acknowledging the essential role of these general propositions, Senior underscores the enduring relevance of classical economic theory in understanding the nature, production, and distribution of wealth.