John Stuart Mill

Name: Principles of Political Economy, vol. 1
Author: John Stuart Mill

Summary

“Principles of Political Economy, vol. 1”, published in 1871, is a work by John Stuart Mill. It explores elements such as Political Economy, labour and wages.

Quotes from Principles of Political Economy… (John Stuart Mill)

John Stuart Mill, Principles of Political Economy… (1871)

“ To succeed even partially in realizing it, would be a sufficiently useful achievement, to induce him to incur willingly all the chances of failure. It is requisite, however, to add, that although his object is practical, and, as far as the nature of the subject admits, popular, he has not attempted to purchase either of those advantages by the sacrifice of strict scientific reasoning. Though he desires that his treatise should be more than a mere exposition of the abstract doctrines of Political Economy, he is also desirous that such an exposition should be found in it. ”

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John Stuart Mill, Principles of Political Economy… (1871)

“ And it is because Adam Smith never loses sight of this truth; because, in his applications of Political Economy, he perpetually appeals to other and often far larger considerations than pure Political Economy affords—that he gives that well-grounded feeling of command over the principles of the subject for purposes of practice, owing to which the "Wealth of Nations," alone among treatises on Political Economy, has not only been popular with general readers, but has impressed itself strongly on the minds of men of the world and of legislators. ”

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Source: Wikisource

John Stuart Mill, Principles of Political Economy… (1871)

“ Many new ideas, and new applications of ideas, have been elicited by the discussions of the last few years, especially those on Currency, on Foreign Trade, and on the important topics connected more or less intimately with Colonization: and there seems reason that the field of Political Economy should be re-surveyed in its whole extent, if only for the purpose of incorporating the results of these speculations, and bringing them into harmony with the principles previously laid down by the best thinkers on the subject. ”

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John Stuart Mill, Principles of Political Economy… (1871)

“ For practical purposes, Political Economy is inseparably intertwined with many other branches of social philosophy. Except on matters of mere detail, there are perhaps no practical questions, even among those which approach nearest to the character of purely economical questions, which admit of being decided on economical premises alone. ”

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John Stuart Mill, Principles of Political Economy… (1871)

“ No attempt, however, has yet been made to combine his practical mode of treating his subject with the increased knowledge since acquired of its theory, or to exhibit the economical phenomena of society in the relation in which they stand to the best social ideas of the present time, as he did, with such admirable success, in reference to the philosophy of his century. ”

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John Stuart Mill, Principles of Political Economy… (1871)

“ Labour does not produce objects, but utilities 55 2.
—which are of three kinds 57 3.
Productive labour is that which produces utilities fixed and embodied in material objects 58 4.
All other labour, however useful, is classed as unproductive 61 5.
Productive and Unproductive Consumption 64 6.
Labour for the supply of Productive Consumption, and labour for the supply of Unproductive Consumption 65
Chapter IV. Of Capital. § 1.
Capital is wealth appropriated to reproductive employment 68 2.
More capital devoted to production than actually employed in it 71 3. ”

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John Stuart Mill, Principles of Political Economy… (1871)

“ Principal element in Cost of Production Quantity of Labour 562 2.
Wages not an element in Cost of Production 564 3.
—except in so far as they vary from employment to employment 566 4.
Profits an element in Cost of Production, in so far as they vary from employment to employment 568 5.
—or are spread over unequal lengths of time 569 6.
Occasional elements in Cost of Production: taxes, and scarcity value of materials 574
Chapter V. Of Rent, in its relation to Value. § 1.
Commodities which are susceptible of indefinite ultiplication, but not without increase of cost. ”

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John Stuart Mill, Principles of Political Economy… (1871)

“ Chapter XI. Of Wages. § 1.
Wages depend on the demand and supply of labour—in other words, on population and capital 419 2.
Examination of some popular opinions respecting wages 420 § 3.
Certain rare circumstances excepted, high wages imply restraints on population 427 4.
—which are in some cases legal 431 5.
—in others the effect of particular customs 434 6.
Due restriction of population the only safeguard of a labouring class 436
Chapter XII. Of Popular Remedies for Low Wages. § 1.
A legal or customary minimum of wages, with a guarantee of employment 441 2. ”

John Stuart Mill

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Quotes from Principles of Political Economy… (John Stuart Mill)

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