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Principles Of Political Economy

John Stuart Mill

139 ratings
Principles Of Political Economy | John Stuart Mill

Principles Of Political Economy

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The Principles of Political Economy, was one of the most important texts on the subject of economy at that time. It is broken up into five books; Production, Distribution, Exchange, Influence of the Progress of Society on Production and Influence of Government. This version is an abridged text book edited by J. Laurence Laughlin, and was used at the college level.
but even when they as yet show no signs of exhaustion they must be worked at a continually increasing cost; shafts must be sunk deeper, galleries driven farther, greater power applied to keep them clear of water; the produce must be [pg 144] lifted from a greater depth, or conveyed a greater distance. The law of diminishing return applies therefore to mining in a still more unqualified sense than to agriculture; but the antagonizing agency, that of improvements in production, also applies in a still greater degree. Mining operations are more susceptible of mechanical improvements than agricultural: the first great application of the steam-engine was to mining; and there are unlimited possibilities of improvement in the chemical processes by which the metals are extracted. There is another contingency, of no unfrequent occurrence, which avails to counterbalance the progress of all existing mines toward exhaustion: this is, the discovery of new ones, equal or superior in richness.

Professor Jevons has applied this economic law to the industrial situation of England.139 While explaining that the supply of cheap coal is the basis of English manufacturing prosperity, yet he insists that, if the demand for coal is constantly increasing, the point must inevitably be reached in the future when the increased supply can be obtained only at a higher cost. When coal costs England as much as it does any other nation, then her exclusive industrial advantage will cease to exist. In the United States the outlying iron deposits of Lake
Henry 07/06/2024
No one expects to get an edge-of-your-seat novel from a book titled Principles of Political Economy. However, I did find great enjoyment in reading many foundational economic principles written down at a time when the theory was actively evolving.

Mill was by no means perfect, and it is easy for me i
Puwa 06/23/2024
John Stuart Mill's "Principles of Political Economy" is a seminal work that has had a profound impact on the field of economics. Published in 1848, this comprehensive treatise covers a wide range of economic topics, showcasing Mill's deep understanding and analytical prowess.

The Requisites of Produ
Allan 07/10/2021
This is Mill's comprehensive work laying out his understanding of then current economic thought and including here and there some of his original conclusions. As with Mill's style in general it can be a bit ponderous and verbose, but is generally clear and easy to follow. Mill exhibits both many of
Cherif 10/26/2015
Very clear exposition on the 3 agents, labor, landlord and capital which interact towards production and distribution of material wealth. Mill does seem to be developing what has already been known by previous economists such as Smith, Fourier, Owen. Bertrand Russell in an essay on him finds that hi
Jamie 06/12/2015
This book is actually a better textbook for political economy than some of the more modern ones I've read or used, though obviously it is a bit outdated in some areas.
P. 10/08/2011
Essential, although I think I like reading Bastiat more (both in French and in translation).

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