Principles of Political Economy (Illustrated)

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CreateSpace Independent Publishing Platform, 27 серп. 2017 р. - 288 стор.
This outstanding work of economics by John Stuart Mill overviews the workings of the entire economy as it was understood during the nineteenth century. This edition includes all of the original maps, charts, illustrations and appendixes.

A fascinating look at economic theory as it was during the industrial revolution, the five books express the economic ideas which characterized the era and acted as theoretical foundations later thinkers built upon and refined.

Following the introductory passages, the first book describes the various attributes and mechanisms involved in production. The necessity of labor, of land, of natural resources, and of capital to establish sustained production, and the various inefficiencies which impact it, are covered. Mill notably establishes laws, whereby output upon a given tract of land, and increases from capital, are to increase year after year.

The second book, entitled Distribution, looks at how the fruits of the economy's production are dispersed across a wider population. Types of physical assets, the wages for labor, reinvested profits, and rental income receive examination. Noting the vast amount of labor subsisting on low wages at the time, Mill proposes measures for increasing wages and thereby consumption of goods produced.

The third book, Exchange, looks at the function and presence of money and trade from various angles. Mill conducts analyses of the rental market, the value of money, international trade and its determining values, and the foreign exchange of currencies. Cross-borders competition in different industries, and a case study of precious metals in international trade is concentrated upon.

In the fourth book, Mill attempts to define the progress of society in the context of growing production and hence distribution. The affect such activity has upon wages, the rental markets, and the profitability of different companies, is focused upon. Mill finally returns to the topic of the laboring classes, whose abysmal working and living conditions had become a cause for great concern in the 19th century.

The fifth and final book discusses the influence that government may have on an economy. For the most part, Mill turns his focus to taxation which he divides into direct taxes upon businesses and workers, and indirect taxes which are levied upon individual goods. The benefits and shortcomings of each are covered, as is the government's role in controlling national debt levels and potentially intervene in markets.

With the publication in 1890 of Alfred Marshall's masterwork Principles of Economics, the term 'economics' quickly replaced the archaic 'political economy'. However many of John Stuart Mill's ideas influenced thinkers for decades to come, leaving a decided mark on the fledgling social science of economics.

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