Although he is most frequently regarded as the last great classical economist, Mill lived through an active period of nineteenth-century intellectual and socialist criticism of classical economics. Being the sensitive, humane individual and fiercely independent thinker that he was, Mill could not help but be affected by this criticism. (Ekelund & Hebert, 2007, p. 177).
Mill Principles of Political Economy reflects the delicate balance between inductive and deductive reasoning. In matter of theory, he reaffirmed and enlarges the Ricardian framework while simultaneously incorporating new ideas and new supportive evidence on numerous matters of political economy. His goal was clear: to summarize and synthesize all the economic knowledge up to his day. (Ekelund & Hebert, 2007, p. 169).
Mill was not exclusively a synthesizer; he played a major role in creating a bridge between classic and neoclassic economic theories. Mill played also a major role in …show more content…
The role of price adjustments in establishing conditions of reciprocal equilibrium in several markets simultaneously was not central theme in economic analysis until the neoclassical period and beyond. However, Mill’s verbal model of reciprocal demand in the theory of international trade was a major building block in a construction of such a system. In conception (if not in formalization and development) general equilibrium theory could justified to be termed “Millian” as well as “Walrasian”. (Ekelund & Hebert, 2007, p. 177). Mill was also concerned about social reforms such as wealth redistribution, equality of women, workers’ rights, consumerism and education. He once wrote to a friend: “ I regard a purely abstract investigations of political economy… as of very minor importance compared with the great practical questions which the progress of democracy and the spread of socialist opinions are pressing on” (Letters, I, seminar 170) (Ekelund & Hebert, 2007, p.
Mill Principles of Political Economy reflects the delicate balance between inductive and deductive reasoning. In matter of theory, he reaffirmed and enlarges the Ricardian framework while simultaneously incorporating new ideas and new supportive evidence on numerous matters of political economy. His goal was clear: to summarize and synthesize all the economic knowledge up to his day. (Ekelund & Hebert, 2007, p. 169).
Mill was not exclusively a synthesizer; he played a major role in creating a bridge between classic and neoclassic economic theories. Mill played also a major role in …show more content…
The role of price adjustments in establishing conditions of reciprocal equilibrium in several markets simultaneously was not central theme in economic analysis until the neoclassical period and beyond. However, Mill’s verbal model of reciprocal demand in the theory of international trade was a major building block in a construction of such a system. In conception (if not in formalization and development) general equilibrium theory could justified to be termed “Millian” as well as “Walrasian”. (Ekelund & Hebert, 2007, p. 177). Mill was also concerned about social reforms such as wealth redistribution, equality of women, workers’ rights, consumerism and education. He once wrote to a friend: “ I regard a purely abstract investigations of political economy… as of very minor importance compared with the great practical questions which the progress of democracy and the spread of socialist opinions are pressing on” (Letters, I, seminar 170) (Ekelund & Hebert, 2007, p.