Essays on some unsettled questions of political economy 1844

But, the whole gain of both countries together, consisting in the saving of labour; and the saving of labour being exactly equal to the difference between the costs, in the two countries, of the one commodity as compared with the other; the two countries taken together gain no more than this difference: We may even have a positive advantage in its production: But so long as any other kind of taxes on commodities are retained, as a source of revenue, these may often be as unobjectionable as the rest.

If, after the imposition of the duty, Germany requires so diminished a quantity of cloth, that its total money value is exactly the same as before, the balance of trade will be undisturbed; England will gain the duty, Germany will lose it, and nothing more.

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Remittances to absentees are often very incorrectly likened in their general character to the payment of a tribute; from which they differ in this very material circumstance, that tribute, if not paid to a foreign country, is not paid at all, whereas rents are paid to the landlord, and consumed by him, even if he resides at home.

But if we apply to these questions the principles already explained, we shall see that this is not by any means a universal law: The same proportion of their money incomes as before, will suffice to supply Essays on some unsettled questions of political economy 1844 other wants, and the remainder, being increased one-tenth in amount, will enable them to purchase one-tenth more cloth than before, even though cloth had not fallen.

And lastly, because a country never could obtain such privileges from an independent nation, and has seldom been so undisguised an oppressor as to demand them even from its colonies, without subjecting itself to restrictions in some degree equivalent, for the benefit of those whom it has thus taxed.

Among the mistakes which were most pernicious in their direct consequences, and tended in the greatest degree to prevent a just conception of the objects of the science, or of the test to be applied to the solution of the questions which it presents, was the immense importance attached to consumption.

A great and rapid consumption was what the producers, of all classes and denominations, wanted, to enrich themselves and the country. What a country wants to make it richer, is never consumption, but production.

When two articles are produced in the immediate vicinity of one another, so that, without expatriating himself, or moving to a distance, a capitalist has the choice of producing one or the other, the quantities of the two articles which will exchange for each other will be, on the average, those which are produced by equal quantities of labour.

If the price be lower, there will be found purchasers for a larger supply, and the competition of these purchasers will raise the price. Unless, indeed, the sum of the two duties exceeded the entire advantage of the trade; for in that case the trade, and its advantage, would cease entirely.

Contrary, therefore, to common opinion, it is probable that our trade with the colonies, and with the countries which send us the raw materials of our national industry, is not more but less advantageous to us, in proportion to its extent, than our trade with the continent of Europe.

This solution is rendered plausible by the circumstance just now mentioned, that the price of the commodity will be higher in the country which imports it, than in the country which exports it, by the amount of the cost of carriage.

It thus appears, what is at first sight somewhat remarkable, that, by taxing her exports, England would, under some conceivable circumstances, not only gain from her foreign customers the whole amount of the tax, but would also get her imports cheaper.

Our prices rise, those in Germany fall, until silk, or some other article, can be imported from Germany cheaper than it can be produced at home, and in sufficient abundance to balance the export of cloth. The equilibrium of exports and imports would only be restored, when either some of the latter became so dear that we could produce them cheaper at home, or some articles not previously exported became exportable from the fall of prices.

We suppose a duty which might diminish the consumption of the article, but which would not prevent us from continuing to import, as before, whatever linen we did consume. Ireland pays dearer for her imports in consequence of her absentees; a circumstance which the assailants of Mr.

By the fall, however, of cloth in England, cloth will fall in Germany also, and the demand for it will increase. Let us suppose this quantity to be, times 10 yards.

Essays on Some Unsettled Questions in Political Economy

The exportation from Germany is suspended; and Germany, continuing to import cloth, pays for it in money. This is not a case of mere alteration in the division of the advantage; it is a new advantage created by the discovery.Essays on Some Unsettled Questions in Political Economy: Full Text of Edition (Illustrated) The book has an active table of contents for easy access to each chapter.

John Stuart Mill made essential contributions to. Book by John Stuart Mill - Essays on Some Unsettled Questions in Political Economy. mainly known for extending ricardo's ideas in essays on some unsettled questions of political economy () (for example, the relationship between profits and wages) but also for exhaustively examining the necessity of private property in his principles of political economy ().

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For those readers who need to learn Mill’s Essays on Some Unsettled Questions in Political Economy in full text of Edition, this is the right book for them.

This is a must-read book for people who are interested in classic economics. Essays on Some Unsettled Questions of Political Economy [John Stuart Mill] on killarney10mile.com *FREE* shipping on qualifying offers. In this collection of essays, most of which had not been previously published, one of the foremost figures of Western intellectual thought in the late 19th century tackles some technical matters of /5(3).

Essays on Some Unsettled Questions of Political Economy. By: John Stuart Mill ESSAYS ON SOME UNSETTLED QUESTIONS OF POLITICAL ECONOMY.

by. JOHN STUART MILL. PREFACE.

Supply creates its own demand

Of these Essays, which were written in andthe fifth alone has been previously printed. The other four have hitherto remained in .

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Essays on some unsettled questions of political economy 1844
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