Economics · A History of Economic Thought by V Lokanathan
Chapter 14 : JOHN STUART MILL (1806-1873)
Table of contents31 sections
- 1.JOHN STUART MILL (1806-1873)
- 2.Introduction
- 3.Key Terms
- 4.📌 Exam Tidbits
- 5.Life and Works
- 6.Key Terms
- 7.📌 Exam Tidbits
- 8.Mill as an Economist
- 9.Key Terms
- 10.📌 Exam Tidbits
- 11.Economic Principles
- 12.1. The Law of Self-interest
- 13.2. The Law of Free competition
- 14.3. The Law of Population
- 15.4. Value
- 16.5. The Law of Wages
- 17.6. The Law of Rent
- 18.7. The Law of Profits
- 19.8. The Law of International Trade
- 20.Key Terms
- 21.📌 Exam Tidbits
- 22.Stationary State
- 23.Key Terms
- 24.📌 Exam Tidbits
- 25.Mill's Individualist-Socialist Programme
- 26.Key Terms
- 27.📌 Exam Tidbits
- 28.Conclusion
- 29.Key Terms
- 30.📌 Exam Tidbits
- 31.Quick-Recall Box
Chapter preview
JOHN STUART MILL (1806-1873)
Introduction
John Stuart Mill (1806-1873) was the last great economist of the classical school. He systematized and popularized the entire body of classical economic thought, presenting classical doctrines in their final crystalline form.
- While he restated classical ideas, he also made significant original contributions to political economy.
- The classical school was already in decline during Mill's last days, and Mill himself departed from some of the main ideas developed by Adam Smith and David Ricardo.
Key Terms
| Concept | Definition |
|---|---|
| John Stuart Mill | The last great economist of the classical school who systematized and popularized the whole body of classical economic thought. |
📌 Exam Tidbits
- Gide and Rist (on Mill's position in economic thought): "with him classical economics may be said in some way to have attained its perfection and with him begin its decay."
Life and Works
J. S. Mill received an extraordinary, rigorous education under the direct supervision of his father, James Mill (the economist who originally induced Ricardo to write on economics).
Timeline of Mill's Education and Life:
- Age 3: Began to learn Greek.
- Age 8: Began to learn Latin.
- Age 11: Read the proofs of his father's book, History of India.
- Age 12: Mastered algebra and geometry, then began studying logic.
- Age 13: Began the study of economics.
- Age 18: Edited the works of Bentham (known for his principle of utility).
- Age 20: Suffered a nervous breakdown.
- 1823: Appointed to the East India Company, where he worked for nearly thirty-five years.
- 1858-1868: Served as a member of Parliament for a short time.
- 1873: Died.
Major Works by J.S. Mill:
| Book Title | Year | Focus Area |
|---|---|---|
| System of Logic | 1843 | Logic / Philosophy |
| Essays on some unsettled questions of Political Economy | 1844 | Economics |
| Principles of Political Economy | 1848 | Economics (Main work) |
| On Liberty | 1853 | Liberty / Philosophy |
| Subjection of Women | 1869 | Social Reform |
| Autobiography | 1873 | Autobiographical |
Key Terms
📌 Exam Tidbits
- James Mill: Induced Ricardo to write on economics and supervised J.S. Mill's rigorous early education.
- Bentham :…
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