It is scarcely necessary to observe, that no such advantage can result from the duty, if it operate as a protecting duty; if it induce the country which imposes it, to produce for herself that which she would otherwise have imported. As cloth fell in price and linen rose, there would be some particular price of both articles at-which the cloth exported, and the linen imported, would exactly pay for each other.
If the reasoning, which would be so absurd if applied to individuals, be applicable to nations, the principle on which it rests must require much explanation and elucidation. If, after having sold the goods, I hire labourers with the money, and set them to work, I am surely employing capital, though the corn, which in the form of bread those labourers may buy with the money, may be now in warehouse at Dantzic, or perhaps not yet above ground.
The demand for labour consists of the whole circulating capital of the country, including what is paid in wages for unproductive labour. But it has fallen: I must plead guilty to having, along with the world in general, accepted the theory without the qualifications and limitations necessary to make it admissible.
And no one, after sufficient explanation, will contest the possibility of general excess, in this sense of the word. She now obtains it at a lower price. When each country produced both commodities for itself, 10 yards of broad cloth exchanged for 15 yards of linen in England, and for 20 in Germany.
But the result might be, that the fall of price might not have an effect exactly equal, on the demand in the two countries. We have had an example of a tax on exports, that is, on foreigners, falling in part on ourselves.
The capital, whether of an individual or of a Nation, consists, At the existing exchangeable value, the linen which England requires, will exactly pay for the quantity of cloth which, on the same terms of interchange, Germany requires.
Of this kind, are duties on the importation of any commodity which could not by any possibility be produced at home; and duties not sufficiently high to counterbalance the difference of expense between the production of the article at home, and its importation.
In the first place, many undertakings require an amount of capital beyond the means of the richest individual or private partnership. Nor is it in agriculture alone that differences of climate ae important. Almost all the associations, at first, excluded piece-work, and gave equal wages whether the work done was more or less.
This is not a case of mere alteration in the division of the advantage; it is a new advantage created by the discovery. Fertility of soil is one of the principal. Any commodity may be the subject of a monopoly: Suppose that a number of foreigners with large incomes arrive in a country, and there expend those incomes: The case, however, is different after the separation of employments.
An Essay on Civil and Political Society. Now, that being the price, there is some particular number of yards of cloth, which will be in demand, or will find purchasers, at that price. It may diminish it in such a ratio, that the money value of the quantity consumed will be exactly the same as before.
It is evidently the common interest of all nations that each of them should abstain from every measure by which the aggregate wealth of the commercial world would be diminished, although of this smaller sum total it might thereby be enabled to attract to itself a larger share.
Now if the increase of wealth and population in Germany should greatly increase the demand in that country for cloth, the demand for linen in England not increasing in the same ratio,—if, for instance, Germany became willing, at the above rate, to take times 10 yards; is it not evident, that to induce England to take in exchange for this the only article which Germany by supposition has to give, the latter must offer it at a rate more advantageous to England—at 18, or perhaps 19 yards, for 10 of cloth?
This, then, is what we mean, when we say that price, or exchangeable value, depends on demand and supply. And the counter-proposition equally holds, that, the above circumstances being given, the rate of interest depends upon the amount of borrowers.
It is impossible to contest these propositions as thus stated. The writer has also been careful to point out, that from these opinions no justification can be derived for any protecting duty, or other preference given to domestic over foreign industry.
If for 20 yards, Germany will be as before, and England will derive the whole of the benefit.Essays on Some Unsettled Questions of Political Economy. Home | Books | Mill, John Stuart | Essays on Some Unsettled Questions of Political Economy; Mill, John Stuart () CEE.
some political economists seem disposed to make the terms express a distinction sufficiently definite indeed, but more completely arbitrary, and having less. Famous Economists. This is pretty important.
Go at your leisure. The clue is a set of words or ideas most attributed with the economist in question. Utilitarianism, Essays on Some Unsettled Questions of Political Economy.
Mill. Principles of Political Economy. Bentham. Essays on Some Unsettled Questions of Political Economy. YOU MIGHT. Essays on some unsettled Questions of Political Economy [John Stuart Mill] on agronumericus.com *FREE* shipping on qualifying offers. John Stuart Mill was an English philosopher, political economist, feminist, and civil servant.
He has been called the most influential English-speaking philosopher of Author: John Stuart Mill. Essays on Some Unsettled Questions of Political Economy By John Stuart Mill.
SHARE POST: Of these Essays, which were written in andthe fifth alone has been previously printed. The other four have hitherto remained in manuscript. Essays on Some Unsettled Questions of Political Economy () is a treatise on political economics by John Stuart Mill.
Walras' law, a principle in general equilibrium theory named in honour of Léon Walras,  was first expressed by Mill in this treatise. Read "Essays on some Unsettled Questions of Political Economy" by John Stuart Mill with Rakuten Kobo. This volume includes five essays on the subject of political and sociological philosophy, including 'Of .Download