Principles of Political Economy: Abridged with Critical, Bibliographical, and Explanatory Notes, and a Sketch of the History of Political Economy — John Stuart Mill — John Shaqi
Principles of Political Economy: Abridged with Critical, Bibliographical, and Explanatory Notes, and a Sketch of the History of Political Economy
John Stuart Mill · en
For the next advance, we must again look to England. Passing by
McCulloch(42) and Senior, a gifted writer, the legitimate successor of
Ricardo is John Stuart Mill.(43) His father, James Mill,(44) introduced
him into a circle of able men, of which Bentham was the ablest, although
his father undoubtedly exercised the chief influence over his training.
While yet but twenty-three, in his first book, “Essays on some Unsettled
Questions of Political Economy” (1829-1830), he gained a high position as
an economist. In one form or another, all his additions to the study are
to be found here in a matured condition. The views on productive and
unproductive consumption, profits, economic methods, and especially his
very clever investigation on international values, were there presented.
His “Logic” (1843) contains (Book VI) a careful statement of the relation
of political economy to other sciences, and of the proper economic method
to be adopted in investigations. Through his “Principles of Political
Economy” (1848) he has exercised a remarkable influence upon men in all
lands; not so much because of great originality, since, in truth, he only
put Ricardo’s principles in better and more attractive form, but chiefly
by a method of systematic treatment more lucid and practical than had been
hitherto reached, by improving vastly beyond the dry treatises of his
predecessors (including Ricardo, who was concise and dull), by infusing a
human element into his aims, and by illustrations and practical
applications. Even yet, however, some parts of his book show the tendency
to too great a fondness for abstract statement, induced probably by a
dislike to slighting his reasons (due to his early training), and by the
limits of his book, which obliged him to omit many possible illustrations.
With a deep sympathy for the laboring-classes, he was tempted into the
field of sociology in this book, although he saw distinctly that political
economy was but one of the sciences, a knowledge of which was necessary to
a legislator in reaching a decision upon social questions. Mill shows an
advance beyond Ricardo in this treatise, by giving the study a more
practical direction. Although it is usual to credit Mill with originating
the laws of international values, yet they are but a development of
Ricardo’s doctrine of international trade, and Mill’s discussions of the
progress of society toward the stationary state were also hinted at,
although obscurely, by Ricardo. In the volumes of Mr. Mill the subject is
developed as symmetrically as a proof in geometry. While he held strongly
to free trade,(45) he gave little space to the subject in his book. All in
all, his book yet remains the best systematic treatise in the English
language, although much has been done since his day.(46)