By Samuel Hollander
This booklet, the 3rd within the sequence of Samuel Hollander's essays, covers twelve key experiences at the monetary conception and approach to John Stuart Mill. This quantity presents an obtainable sourcebook on Mill's dating with David Ricardo, and the 'Classical School', in addition to confirming his relevance for contemporary economics and for where of economics in the social sciences.
Read or Download John Stuart Mill on Economic Theory and Method: Collected Essays III (Hollander, Samuel. Essays. 3.) PDF
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Additional info for John Stuart Mill on Economic Theory and Method: Collected Essays III (Hollander, Samuel. Essays. 3.)
Robson has pointed out to the present writer that this is the one passage of the manuscript which may be in Harriet Taylor’s hand. It may be noted that as a result of criticism by Thornton on similar grounds many years earlier, Mill had altered, in his third edition (1852), the analysis of the determination of equilibrium in international exchange to meet the objection ‘that several different rates of international value may all equally fulfil the conditions of this law’ (Mill 1965:608). Fawcett (1865:120), quoted in Thornton 1869:84n: ‘The circulating capital of a country is its wages fund.
9 In the case studies relating to the effects on wage income of increased investment and of disinvestment, Mill did not apply the ex ante wages-fund theory. 10 We do not wish to imply, however, that the notion of a predetermined wages bill is entirely absent from the Principles. 11 But it is essential to 22 The role of fixed technical coefficients note that in these formal statements—as distinct from the particular cases we have considered—allowance is made for a service sector. This distinction between the theory implied by the formal accounts (where a service sector is recognised) and that implied in Mill’s consideration of specific issues relating to the effects of investment which deal only with a ‘productive’ sector, is not accidental.
1940) Political Economy and Capitalism, revised edn, London: Routledge and Kegan Paul. R. (1937) ‘Mr Keynes and the classics, a suggested interpretation’, Econometrica, 5 (January): 147–59. G. (1949) ‘Demand for commodities is not demand for labour’, Economic Journal, 59 (December): 535. M. (1957) The General Theory of Employment, Interest, and Money, London: Macmillan. S. (1920)  Principles of Political Economy, 7th edn, ed. Ashley, London: Longmans, Green. ——(1948)  ‘On profits and interest’, in Essays on Some Unsettled Questions of Political Economy, reprint of 1st edn, London: London School of Economics and Political Science.