Essays on Some Unsettled Questions of Political Economy

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Cosimo, Inc., Dec 1, 2007 - Business & Economics - 132 pages
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In this 1844 collection of essays, most of which had not been previously published, one of the foremost figures of Western intellectual thought in the late 19th century tackles some technical matters of economics regarding international commerce and consumption.Required reading for anyone wishing a thorough foundation in modern economics, this work includes the essays: . "Of the Laws of Interchange Between Nations; and the Distribution of the Gains of Commerce Among the Countries of the Commercial World." "Of the Influence of Consumption on Production." "On the Words Productive and Unproductive." "On Profits, and Interest." "On the Definition of Political Economy; and on the Method of Investigation Proper to It"English philosopher and politician JOHN STUART MILL (1806-1873) served as an administrator in the East Indian Company from 1823 to 1858, and as a member of parliament from 1865 to 1868. Among his essays on a wide range of political and social thought are Principles of Political Economy (1848), Considerations on Representative Government (1861), and The Subjection of Women (1869).

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Page 15 - Suppose that 10 yards of broadcloth cost in England as much labour as 15 yards of linen, and in Germany as much as 20.
Page 12 - ... of Sweden; for if we have an advantage of one-half in cottons, and only an advantage of a quarter in iron, and could sell our cottons to Sweden at the price which Sweden must pay for them if she produced them herself, we should obtain our iron with an advantage of onehalf, as well as our cottons. We may often, by trading with foreigners, obtain their commodities at a smaller expense of labour and capital than they cost to the foreigners themselves. The bargain is still advantageous to the foreigner,...
Page 19 - It may be considered, therefore, as established, that when two countries trade together in two commodities, the exchange value of these commodities 'relatively to each other will adjust itself to the inclinations and circumstances of the consumers on both sides...
Page 19 - ... inclinations and circumstances of the consumers on both sides, in such manner that the quantities required by each country, of the article which it imports from its neighbour, shall be exactly sufficient to pay for one another. As the inclinations and circumstances of consumers cannot be reduced to any rule, so neither can the proportions in which the two commodities will be interchanged.

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John Stuart Mill, Classical economist, was born in 1806. His father was the Ricardian economist, James Mill. John Stuart Mill's writings on economics and philosophy were prodigious. His "Principles of Political Economy, With Some of Their Applications to Social Philosophy," published in 1848, was the leading economics textbook of the English-speaking world during the second half of the 19th century. Some of Mill's other works include "Considerations on Representative Government," "Auguste Comte and Positivism," "The Subjection of Women," and "Three Essays on Religion." John Mill died in 1873.

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