First published in 1848, Principles of Political Economy established Mill as a leading economic thinker of his time, and this work endured as the principal economics textbook for the balance of the nineteenth century. As a comprehensive treatment of economic thought, the book touches on the full range of micro- and macroeconomic topics, including taxation, national debt, and theories of money, production, and prices.Volumes 2 and 3 are based on the seventh and final edition of this work published by Mill in 1871. Professor Robson and his editorial team allow the reader to seamlessly track the changes made through all seven editions of Principles of Political Economy, providing insight into the development of Mill’s economic ideas.
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This volume unites, for the first time, Books IV and V of Mill's great treatise on political economy with his fragmentary chapters on socialism. It shows him applying his classical economic theory to policy questions of abiding concern, particularly the desirability of sustained growth of national wealth and population versus a stationary state, the merits of capitalism versus socialism, and the expedient scope of government intervention in the competitive market economy. His answers to these questions have considerable relevance today, and they serve to illustrate the enduring power and imagination of his distinctive liberal utilitarian philosophy. In his Introduction Jonathan Riley clarifies Mill's approach, considers what constitutes the Millian Utopia, and shows how examination of such an ideal society provides valuable insights into the structure of his philosophy.
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