Principles Of Political Economy

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Overview

Principles Of Political Economy by John Stuart Mill

Abridged, with Critical, Bibliographical, and Explanatory Notes

Still remains one of the most lucid and systematic books yet published which cover the whole range of the study

Abridged, with Critical, Bibliographical,
and Explanatory Notes, and a Sketch of the History of Political Economy,
By
J. Laurence Laughlin, Ph. D.
Assistant Professor of Political Economy in Harvard University
A Text-Book For Colleges.
New York:

An experience of five years with Mr. Mill's treatise in the class-room not only convinced me of the great usefulness of what still remains one of the most lucid and systematic books yet published which cover the whole range of the study, but I have also been convinced of the need of such additions as should give the results of later thinking, without militating against the general tenor of Mr. Mill's system; of such illustrations as should fit it better for American students, by turning their attention to the application of principles in the facts around us; of a bibliography which should make it easier to get at the writers of other schools who offer opposing views on controverted questions; and of some attempts to lighten those parts of his work in which Mr. Mill frightened away the reader by an appearance of too great abstractness, and to render them, if possible, more easy of comprehension to the student who first approaches Political Economy through this author.

Believing, also, that the omission of much that should properly be classed under the head of Sociology, or Social Philosophy, would narrow the field to Political Economy alone, and aid, perhaps, in clearer ideas, I was led to reduce the two volumes into one, with, of course, the additional hope that the smaller book would tempt some readers who might hesitate to attack his larger work.

In consonance with the above plan, I have abridged Mr. Mill's treatise, yet have always retained his own words; although it should be said that they are not always his consecutive words. Everything in the larger type on the page is taken literally from Mr. Mill, and, whenever it has been necessary to use a word to complete the sense, it has been always inserted in square brackets. All additional matter introduced by me has been printed in a smaller but distinctive type. The reader can see at a glance which part of the page is Mr. Mill's and which my own.

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Product Details

  • ISBN-13: 9781607964377
  • Publisher: Beta Nu Publishing
  • Publication date: 4/30/2012
  • Pages: 896
  • Product dimensions: 6.00 (w) x 9.00 (h) x 1.77 (d)

Meet the Author

John Stuart Mill (20 May 1806 – 8 May 1873) was a British philosopher and civil servant. An influential contributor to social theory, political theory, and political economy, his conception of liberty justified the freedom of the individual in opposition to unlimited state control. He was a proponent of utilitarianism, an ethical theory developed by Jeremy Bentham, although his conception of it was very different from Bentham's. Hoping to remedy the problems found in an inductive approach to science, such as confirmation bias, he clearly set forth the premises of falsification as the key component in the scientific method. Mill was also a Member of Parliament and an important figure in liberal political philosophy. - from Wikipedia
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Read an Excerpt


CHAPTER IX. OF THE VALUE OF MONEY, AS DEPENDENT ON COST OF PRODUCTION. § 1. But money, no more than commodities in general, has its value definitively determined by demand and supply. The ultimate regulator of its value is Cost of Production. We are supposing, of course, that things are left to themselves. Governments have not always left things to themselves. They have undertaken to prevent the quantity of money from adjusting itself according to spontaneous laws, and have endeavoured to regulate it at their pleasure ; generally with a view of keeping a greater quantity of money in the country, than would otherwise have remained there. It was, until lately, the policy of all governments to interdict the exportation and the melting of money; while, by encouraging the exportation and impeding the importation of other things, they endeavoured to have a stream of money constantly flowing in. By this course they gratified two prejudices ; they drew, or thought that they drew, more money into the country, which they believed to be tantamount to more wealth ; and they gave, or thought that they gave, to all producers and dealers, high prices, which, though no real advantage, people are always inclined to suppose to be one. In this attempt to regulate the value of money artificially by means of the supply, governments have never succeeded in the degree, or even in the manner, which they intended. Their prohibitions against exporting or melting the coin have never been effectual. A commodity of such smallbulk in proportion to its value is so easily smuggled, and still more easily melted, that it has been impossible by the most stringent measures to prevent these operations. All therisk which it was in the power of governments to attach to them, was outweighed by a very moder...
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Table of Contents

Special Introduction
Mill's Preface
Preliminary Remarks
Bk. I Production
Ch. I Of the Requisites of Production
Ch. II Of Labor as an Agent of Production
Ch. III Of Unproductive Labor
Ch. IV Of Capital
Ch. V Fundamental Propositions respecting Capital
Ch. VI On Circulating and Fixed Capital
Ch. VII On what depends the degree of Productiveness of Productive Agents
Ch. VIII Of Co-operation, or the Combination of Labor
Ch. IX Of Production on a Large, and Production on a Small Scale
Ch. X Of the Law of the Increase of Labor
Ch. XI Of the Law of the Increase of Capital
Ch. XII Of the Law of the Increase of Production from Land
Ch. XIII Consequence of the foregoing Laws
Bk. II Distribution
Ch. I Of Property
Ch. II The same subject continued
Ch. III Of the Classes among whom the Produce is distributed
Ch. IV Of Competition and Custom
Ch. V Of Slavery
Ch. VI Of Peasant Proprietors
Ch. VII Continuation of the same subject
Ch. VIII Of Metayers
Ch. IX Of Cottiers
Ch. X Means of abolishing Cottier Tenancy
Ch. XI Of Wages
Ch. XII Of Popular Remedies for Low Wages
Ch. XIII The Remedies for Low Wages further considered
Ch. XIV Of the Differences of Wages in different Employments
Ch. XV Of Profits
Ch. XVI Of Rent
Bk. III Exchange
Ch. I Of Value
Ch. II Of Demand and Supply, in their relation to Value
Ch. III Of Cost of Production, in its relation to Value
Ch. IV Ultimate Analysis of Cost of Production
Ch. V Of Rent, in its Relation to Value
Ch. VI Summary of the Theory of Value
Ch. VII Of Money
Ch. VIII Of the Value of Money, as dependent on Demand and Supply
Ch. IX Of the Value of Money, as dependent on Cost of Production
Ch. X Of a Double Standard, and Subsidiary Coins
Ch. XI Of Credit, as a Substitute for Money
Ch. XII Influence of Credit on Prices
Ch. XIII Of an Inconvertible Paper Currency
Ch. XIV Of Excess of Supply
Ch. XV Of a Measure of Value
Ch. XVI Of some Peculiar Cases of Value
Ch. XVII Of International Trade
Ch. XVIII Of International Values
Ch. XIX Of money, considered as an Imported Commodity
Ch. XX Of the Foreign Exchanges
Ch. XXI Of the Distribution of the Precious Metals through the Commercial World
Ch. XXII Influence of the Currency on the Exchanges and on Foreign Trade
Ch. XXIII Of the Rate of Interest
Ch. XXIV Of the Regulation of a Convertible Currency
Ch. XXV Of the Competition of different Countries in the Same Market
Ch. XXVI Of Distribution, as affected by Exchange
Bk. IV Influence of the Progress of Society on Production and Distribution
Ch. I General Characteristics of a Progressive State of Wealth
Ch. II Influence of the Progress of Industry and Population on Values and Prices
Ch. III Influence of the Progress of Industry and Population on Rents, Profits, and Wages
Ch. IV Of the Tendency of Profits to a Minimum
Ch. V Consequences of the Tendency of Profits to a Minimum
Ch. VI Of the Stationary State
Ch. VII On the Probable Futurity of the Laboring Classes
Bk. V On the Influence of Government
Ch. I Of the Functions of Government in general
Ch. II On the General Principles of Taxation
Ch. III Of Direct Taxes
Ch. IV Of Taxes on Commodities
Ch. V Of some other Taxes
Ch. VI Comparison between Direct and Indirect Taxation
Ch. VII Of a National Debt
Ch. VIII Of the Ordinary Functions of Government, considered as to their Economical Effects
Ch. IX The same subject continued
Ch. X Of Interferences of Government grounded on Erroneous Theories
Ch. XI Of the Grounds and Limits of the Laisser-faire or Non-interference Principle
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