Principles Of Political Economy

Summary

"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.