Principles Of Political Economy

by John Stuart Mill Narrated by Chris Jones

Overview

"Principles of Political Economy" is a book by the British philosopher and economist John Stuart Mill. It was first published in 1848 and is considered one of the most influential works in the field of economics.

In this book, Mill sets out to provide a comprehensive account of the principles of political economy, which he defines as "the science which treats of the production and distribution of wealth." He covers a wide range of topics, including the nature of wealth, the laws of supply and demand, the role of competition, and the relationship between labor and capital.

One of Mill's main contributions to the field of economics was his advocacy for a laissez-faire economic policy, which advocates for minimal government intervention in the market. He argued that a free market, where individuals are free to pursue their own self-interest, would lead to greater prosperity and economic growth.

In addition to his economic theories, Mill also addressed social and political issues such as the role of women in society, the importance of education, and the need for democratic governance.

Overall, "Principles of Political Economy" is a seminal work in the history of economics and continues to be studied and debated today for its insights into economic theory and the role of government in the market.

Product Details

BN ID:	2940178317006
Publisher:	Stream Readers
Publication date:	03/08/2023
Edition description:	Unabridged

Read an Excerpt

CHAPTER IX. OF THE VALUE OF MONEY, AS DEPENDENT ON COST OF PRODUCTION. § 1. But money, no more than commodities in general, has its value definitively determined by demand and supply. The ultimate regulator of its value is Cost of Production. We are supposing, of course, that things are left to themselves. Governments have not always left things to themselves. They have undertaken to prevent the quantity of money from adjusting itself according to spontaneous laws, and have endeavoured to regulate it at their pleasure ; generally with a view of keeping a greater quantity of money in the country, than would otherwise have remained there. It was, until lately, the policy of all governments to interdict the exportation and the melting of money; while, by encouraging the exportation and impeding the importation of other things, they endeavoured to have a stream of money constantly flowing in. By this course they gratified two prejudices ; they drew, or thought that they drew, more money into the country, which they believed to be tantamount to more wealth ; and they gave, or thought that they gave, to all producers and dealers, high prices, which, though no real advantage, people are always inclined to suppose to be one. In this attempt to regulate the value of money artificially by means of the supply, governments have never succeeded in the degree, or even in the manner, which they intended. Their prohibitions against exporting or melting the coin have never been effectual. A commodity of such smallbulk in proportion to its value is so easily smuggled, and still more easily melted, that it has been impossible by the most stringent measures to prevent these operations. All therisk which it was in the power of governments to attach to them, was outweighed by a very moder...

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