Principle of Political Economy

Principles of Political Economy by John Stuart Mill

Mill’s Principles of Political Economy was first published in 1848, and it went through various editions; the final edition was the seventh, which appeared in 1871. Political Economy is the term nineteenth-century writers use to refer to the study of what we today call macroeconomics, though its practitioners, such as Adam Smith, Mill, David Ricardo, and Karl Marx, were more philosophical and less empirical in their methods than modern economists. In this book, Mill examines the fundamental economic processes on which society is based: production, the distribution of goods, exchange, the effect of social progress on production and distribution, and the role of government in economic affairs.

Book I deals with production and begins by identifying the basic requisites that enable production to exist: labor and natural objects. Labor may be defined as an agent of production, though not all labor leads to the production of a material object. Labor produces three types of utilities. The first is the creation of objects for human use, wherein labor invests external material things with properties that make these things usable. Second, some labor renders human beings serviceable to society and to themselves, such as the labor of teachers and doctors. The third utility is the labor of giving pleasure or entertainment, which does not make other people more productive or result in a tangible product. In addition to labor and natural objects, production requires capital, without which it would cease. In essence, capital is the accumulated stock of the products of labor. After discussing such aspects and manifestation of capital, such as fixed versus circulating capital, Mill examines the social forms of production, such as cooperation, combination of labor, production on a small and large scale, and the increase of labor, which results in the increase of capital as well as production. Last, Mill examines production from land and recognizes that such production is markedly different from the one achieved through labor and capital, since production from land is limited and not likely to greatly increase.

This eBook contains-

Book I. Production.

Book II. Distribution.

Book III. Exchange.

Book IV. Influence Of The Progress Of Society On Production And Distribution.

Book V. On The Influence Of Government.

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