Principles of Political Economy and Their Applications in Social Philosophy - (Volume 1)

Author: John Stuart Mill
Publisher:
Publish Date: 1991-09-01
Features: John Stuart Mill (1806-1873) published his renowned economic work, Principles of Political Economy—With Some of Its Applications to Social Philosophy (hereinafter referred to as Principles), in 1848. Principles of Political Economy—With Some of Its Applications to Social Philosophy was a "modern Wealth of Nations" that adapted to the broader knowledge and emerging ideas of the time. It became an undisputed economic bible for Western countries in the second half of the 19th century, revered as the holy scripture of economic theory and a must-read textbook in political economy. Its monopoly status was only replaced by Alfred Marshall's Principles of Economics in 1890. It is a renowned economic work. The author, John Mill, was a famous historian, philosopher, and economist. Divided into two volumes, this book is the first volume. The compromising and eclecticism of economic theory is recognized as a distinctive feature of Mill's Principles. Followers believe that this characteristic marks Principles as a transitional work, summarizing the economic development of Western countries from Adam Smith to the mid-19th century, and laying the foundation for a complete system of political economy. Critics, however, argue that Mill's compromising and eclecticism is merely an announcement of the bankruptcy of bourgeois economics.