(L4) Sanmo Chapter 5 Flashcards
What is John Stuart Mill known for in the context of Victorian Britain?
Mill was a prominent philosopher and economist, known for utilitarianism and bridging classical and neoclassical economics.
How was Mill’s early life influential in his intellectual development?
Educated by his father, James Mill, he was exposed to advanced topics from a young age, leading to an early introduction to intellectual discussions.
How did Mill’s mental crisis influence his economic views?
Mill’s mental crisis, influenced by poetry and music and figures like Auguste Comte, led him to revise his views on economics.
What was Mill’s approach to economics?
Mill believed in a theoretical approach to understanding complex economic phenomena and emphasized the broader context of social science in economics.
What were Mill’s contributions to price formation in international trade?
Mill introduced the concept of supply and demand as functions of price and solved Ricardo’s problem of price formation in international trade.
What is Mill’s perspective on general equilibrium theory?
He hinted at a general equilibrium theory, using the concept of reciprocal demand in international trade.
How did Mill refine the labor theory of value?
Mill acknowledged the role of other factors in cost determination, refining the classical economics labor theory of value.
How did Mill distinguish between productive and unproductive labor?
Mill emphasized the importance of productive labor for economic growth and distinguished it from unproductive labor, such as teaching and medicine.
What was Mill’s stance on the Wage Fund Theory?
Initially accepting it, Mill later rejected the wage fund theory, recognizing that trade unions could influence wages.
What was Mill’s view on economic fluctuations and unemployment?
Mill acknowledged economic crises and overproduction, but his views were somewhat ambivalent, partly defending Say’s Law.
How did Mill view the long-run development and stationary state of the economy?
Mill predicted economic growth would eventually lead to a stationary state, focusing on intellectual, social, and moral advancements rather than material progress.
What was Mill’s view on socialism and the future of the working class?
While sympathetic to some socialist ideas, Mill strongly defended competition and advocated social reform within a liberal economic order.
What was Mill’s perspective on the role of government?
Mill outlined necessary and optional tasks of the state, advocating for a significant, yet limited, role of government.
What were Mill’s principles on taxation?
He supported a form of progressive taxation, emphasizing fairness and efficiency in tax policies.
What is Mill’s philosophical stance in Utilitarianism?
As a utilitarian, Mill advocated for maximizing happiness and utility.
