"Essays on Some Unsettled Questions of Political Economy" is a collection of essays written by the famous British philosopher and economist, John Stuart Mill. In the first essay, Mill examines the concept of free trade and argues that it benefits both trading nations. The second essay explores the relationship between demand and supply and the role of consumption in promoting economic growth. The third essay debates the definitions of productive and unproductive labor, arguing that they are not clear-cut categories. The fourth essay delves into the question of why profits are necessary for a capitalist system and whether interest rates are determined by supply and demand. Finally, the fifth essay discusses the nature and scope of political economy, arguing that it should be considered a social science rather than a natural science. Overall, "Essays on Some Unsettled Questions of Political Economy" is an insightful book that continues to be studied and debated by economists and scholars today. Mill's ideas on free trade, consumption, labor, profits, and the nature of political economy remain relevant and influential in contemporary economic discourse.
John Stuart Mill was an English philosopher, political economist, Member of Parliament (MP), and civil servant who lived from 20 May 1806 to 7 May 1873. He was one of the most significant intellectuals in the development of classical liberalism. The utilitarian movement was started by John Stuart Mill. Being a particularly bright youngster, he was able to read six Plato dialogues and Aesop's Fables by the age of eight. Jeremy Bentham and Francis Place provided guidance and support as John Stuart's father schooled him. At the age of eight, Mill started studying Latin, algebra, and Euclid classes. He liked to read Robinson Crusoe and Don Quixote in his free time. Along with his father, he studied David Ricardo and Adam Smith. He was deeply affected by the vibrant and welcoming culture of France. Mill was inspired to reject Bentham's theory of human nature by his correspondence with Auguste Comte. After 21 years of close friendship with Harriet Taylor, Mill wed her on April 21, 1851. After barely seven years of marriage and after experiencing acute lung congestion, she died in 1858. Thirteen days before his 67th birthday in 1873, Mill passed away from erysipelas in Avignon, France; he was buried next to his wife.
