Principles of Political Economy with some of their Applications to Social Philosophy -
John Stuart Mill
1849 - John W. Parker, London - Second Edition
Scarce second edition of the ‘brilliant John Stuart Mill's major work, a treatise that marked the culmination of classical economics, and was considered ‘the undisputed bible of economic doctrine’. The second edition makes significant additions to the sections on the future of the working class and socialism, an indication of his concerns for the welfare of the labouring class and evidence of Mill's movement towards becoming what Schumpeter describes as an "evolutionary socialist".
One of the most widely read of all books on economics in the nineteenth century. As Adam Smith's Wealth of Nations had during an earlier period, Mill's text dominated economics teaching; In the case of Oxford University it was the standard text until 1919, when replaced by Alfred Marshall's theories.
‘To many generations of students, Mill’s Principles was the undisputed bible of economic doctrine. They represented the final synthesis of classical theory and of refinements introduced by post-Ricardian writers. They were comprehensive, systematic, and, with few exceptions, they presented their theorems without pugnacity which strengthened the impression of assurance and unquestioned authority’ (Roll). John Stuart Mill (1806-73), the son of noted Scottish economist and philosopher James Mill, who held an influential post in the powerful East India Company. Mill's natural talent and physical stamina were put to the test at a very young age when he undertook a highly structured and individualised upbringing orchestrated by his father, who believed that the mind was a passive receptacle for human experience. His education and training were so intense that he was reading Greek at the age of three and doing independent writing at six.
Mill's education broadened considerably after 1823 when he entered the East India Company to commence his life's career as his father had done before him. He travelled, became politically involved, and in so doing moved away from the narrower sectarian attitudes in which he had been raised. His ideas and imagination were ignited by the Coleridge, Comte, and de Tocqueville. In addition to Principles, Mill wrote many other influential works including A System of Logic (1843); On Liberty (1859); Utilitarianism (1863); and The Subjection of Women (1869). As a defender of individual freedom and human rights, John Stuart Mill lives on as a nineteenth-century champion of social reform.
‘In his Principles Mill both assimilated economic thought to the time, and expanded upon it. Mill provides a more fulsome explanation of supply and demand analysis than most at that time, and his theory of International Values transcends the free trade arguments of Ricardo, introducing the equation of reciprocal in recognizing the elasticity of demand in the distribution of the gains from trade.
Further, Mill's work applied these theories and ideas to the real world. "The design of the book is different from that of any treatise on Political Economy which has been produced in England since the work of Adam Smith ... [which] invariably associates the principles with their applications ... For practical purposes, Political Economy is inseparably intertwined with many other branches of social philosophy" (Preface). "There had been no equally comprehensive treatise, especially none that paid so much attention to practical applications, since the Wealth of Nations"’ (Schumpeter).
Reference: Printing and the Mind of Man, 345. Roll, History of Economic Thought, 353. Schumpeter, History of Economic Analysis, 530. Goldsmith 35525. Kress C-7500.
Provenance: From the library of economist and judge the Hon. Stanley C. Wisniewski Ph.D. (Econ.), J.D.
Two octavo volumes (binding size 22.2x14.8cm), pp. xvi 611 [1 (list of books ‘By the same author’)] [2]; xv [1] 552 [2]. In early half red morocco bindings, over matching cloth, spines lettered and ruled in gilt, all edges trimmed and speckled in red. Housed in modern red cloth clamshell case, spine lettered in gilt. Condition: Generally fine throughout, one or two light marks to early pages, very good bindings with some wear to edges, cloth with some soiling, in fine clamshell case. Ref: 111927 Price: HK$ 7,000
One of the most widely read of all books on economics in the nineteenth century. As Adam Smith's Wealth of Nations had during an earlier period, Mill's text dominated economics teaching; In the case of Oxford University it was the standard text until 1919, when replaced by Alfred Marshall's theories.
‘To many generations of students, Mill’s Principles was the undisputed bible of economic doctrine. They represented the final synthesis of classical theory and of refinements introduced by post-Ricardian writers. They were comprehensive, systematic, and, with few exceptions, they presented their theorems without pugnacity which strengthened the impression of assurance and unquestioned authority’ (Roll). John Stuart Mill (1806-73), the son of noted Scottish economist and philosopher James Mill, who held an influential post in the powerful East India Company. Mill's natural talent and physical stamina were put to the test at a very young age when he undertook a highly structured and individualised upbringing orchestrated by his father, who believed that the mind was a passive receptacle for human experience. His education and training were so intense that he was reading Greek at the age of three and doing independent writing at six.
Mill's education broadened considerably after 1823 when he entered the East India Company to commence his life's career as his father had done before him. He travelled, became politically involved, and in so doing moved away from the narrower sectarian attitudes in which he had been raised. His ideas and imagination were ignited by the Coleridge, Comte, and de Tocqueville. In addition to Principles, Mill wrote many other influential works including A System of Logic (1843); On Liberty (1859); Utilitarianism (1863); and The Subjection of Women (1869). As a defender of individual freedom and human rights, John Stuart Mill lives on as a nineteenth-century champion of social reform.
‘In his Principles Mill both assimilated economic thought to the time, and expanded upon it. Mill provides a more fulsome explanation of supply and demand analysis than most at that time, and his theory of International Values transcends the free trade arguments of Ricardo, introducing the equation of reciprocal in recognizing the elasticity of demand in the distribution of the gains from trade.
Further, Mill's work applied these theories and ideas to the real world. "The design of the book is different from that of any treatise on Political Economy which has been produced in England since the work of Adam Smith ... [which] invariably associates the principles with their applications ... For practical purposes, Political Economy is inseparably intertwined with many other branches of social philosophy" (Preface). "There had been no equally comprehensive treatise, especially none that paid so much attention to practical applications, since the Wealth of Nations"’ (Schumpeter).
Reference: Printing and the Mind of Man, 345. Roll, History of Economic Thought, 353. Schumpeter, History of Economic Analysis, 530. Goldsmith 35525. Kress C-7500.
Provenance: From the library of economist and judge the Hon. Stanley C. Wisniewski Ph.D. (Econ.), J.D.
Two octavo volumes (binding size 22.2x14.8cm), pp. xvi 611 [1 (list of books ‘By the same author’)] [2]; xv [1] 552 [2]. In early half red morocco bindings, over matching cloth, spines lettered and ruled in gilt, all edges trimmed and speckled in red. Housed in modern red cloth clamshell case, spine lettered in gilt. Condition: Generally fine throughout, one or two light marks to early pages, very good bindings with some wear to edges, cloth with some soiling, in fine clamshell case. Ref: 111927 Price: HK$ 7,000