The main motive revolving around economic prediction which remains hazy and nebulous in economic world is the variance from scientific studies, for instance, physics or astronomy. Our society that depends on economics' existence is in a flux state. Hence, the state of economic behavior is less predictable than the even status of atoms that exist in molecules or motions of planets we know. Hence, most economists have a mandate to forecast only those pictures which are generalized as future trends rather than giving a detailed prediction. Economic laws and generalizations exist in a historical vacuum which lacks the recourse of inevitable changes that occur in background situations of an economy. The starring role of economics in our community is so crucial in today's economy. Across the globe, ten of thousand existing economists whose work is to influence important decisions that revolve around government, banks and corporations are in existence. Despite the fact that the field of vision among them is significantly reduced, the scope of John Stuart Mill as a world philosopher is of interest to our society. John Stuart Mill is remembered on his touchy ideas on the principles of political economy. Thus, this study explores the works of Steven Medema and Warren Samuels on how they portray the ideas of John Stuart Mill on principles of political economy.
The Worldly Philosopher is a book written by Robert L. Heilbroner and published by Schuster and Simon. This book centers on the ideas, times and lives of renowned great economic thinkers. The Worldly Philosophers is the seventh revised edition, published in the year 1999. The book centers on curious men who claim fame in the world of economic philosophies, ideas and lives. Under subsequent sections of this book, Robert talks of great economists regarded as Utopian socialists. These great men were considered as economic reformers. Among the notable economic reformer was who was an ultimate socialism converter was John Stuart Mill. John was born in the year 1809 to a father who was a philosopher, historian, and pamphleteer. At the age of thirteen, he had learnt everything dealing with political economy (Heilbroner, 74). At the age of thirty years, Mill jotted down volumes of journals that touched on Principles of Political Economy. The book he wrote centered on retreads, prices, rent, wages and taxes that covers our economy. Thus, the principles of economic law were of the province to production and not the aspects of distribution. It is evident from John that economic laws gyrate on production are of primary concern to our state of nature we operate in as an economy. John Mill is the author of Principles of Political Economy which was a success. He is still remembered as the greatest economist of his day. In addition to Principles of Political Economy, he the author of Considerations on Representative Government, and of Utilitarianism, Logic and On Liberty. He is seen to be the successor of Ricardo (Heilbroner, 76).
The History of Economic Thought: A Reader is a primary excerpt under this study that was written by Steven Medema and Warren Samuels. 2004 was the year the book was published by Routledge. It is comprised of major ideas and policies outlined by major economists in world history. According to Medema and Warren (369-407), John Mills' work is one that is centered on macroeconomics of the present world. Through these two authors, their depiction of John's ideas as one that examines fundamentally on economic procession basing it on society is evident. Elements of distribution, exchange, production, government role in affairs of the economy and social progression is eminently revealed.
According to Medema and Warren (369-407), John Mill subdivides his ideas on various sectors into books. The book range from one to book five. In summary, book one talks of the factors of production. The basic requisite that John Mill embraces on the aspects of production are natural objects, labor, and capital. Apart from the three elements of production, Mill equally incorporates the aspects of land from a limited point of view. Apart from production, John focuses on distribution under the second book. Under distribution, Mill brings his ideas forth on the effect of the distribution of factors such as customer, competition, ownership, customs and other various elements, for instance, rent, profits, laborers, and wages. Medema and Warren (369-407) also brings forth the third idea of Mill that centers on value and exchange. Under this subtopic, he focuses on demand and supply. Mill considers the value of money and its relationship to demand and supply, credit and cost of production as impacting the credit greatly on prices, international trade, interest rates and function of currency. Mill also brings forth his ideas on the existence of a relationship between economic affairs and the societies' progression. Lastly, Mill analyzes how the government influences the society. Mill goes further to subdivide the functions of government on those that are optional and necessary.
The principles of which Mill out speaks, it is seen that these policies and principles are turned into economics that covers areas of viable philosophy which inquire on reconnoitering what people want and what economists use to assess and measure the economy. Thus, the approach Mill uses is based on the superiority of socialism under which economic production is driven by workers. Laws of production should be natural while those that are centered on distribution should be created and enacted by human personnel. Therefore, Mill advocates that wealth is the end product of labor. On the other hand, distribution is not independent, it is determined through decisions arrived and the will of elite people. Hence, through Steven, it is evident that Mill's ideas that economics is thus closely tied to politics and social philosophy.
Heilbroner, Robert L. The worldly philosophers: The lives, times and ideas of the great economic thinkers. Simon and Schuster, 1999.
Medema, Steven G., and Warren J. Samuels. The history of economic thought: a reader. Routledge, 2004.
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