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Elements of Political Economy

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In Elements of Political Economy, James Mill describes his ideas (in the Schumpeterean sense) using economic thought and economic analysis. He uses examples of the Industrial Revolution (industry) and the agricultural industry surrounding England. The utilitarian economist, father of John Stewart Mill, discusses his theory of velocity of circulation of money, the interest from capital as the result of wages of labor (against Ricardian theory), and many other economic principles. James Mill historically writes "the aggregate of commodities, taken all together, there is neither fall nor rise, (3rd edition)" an issue later paraphrased by Karl Marx in his Das Kapital (3rd edition). Sometimes difficult to understand, but a good book from a utilitarian, Ricardian, "Classical theory on political economy" perspective.

In Elements of Political Economy, James Mill describes his ideas (in the Schumpeterean sense) using economic thought and economic analysis. He uses examples of the Industrial Revolution (industry) and the agricultural industry surrounding England. The utilitarian economist, father of John Stewart Mill, discusses his theory of velocity of circulation of money, the interest from capital as the result of wages of labor (against Ricardian theory), and many other economic principles. James Mill historically writes "the aggregate of commodities, taken all together, there is neither fall nor rise, (3rd edition)" an issue later paraphrased by Karl Marx in his Das Kapital (3rd edition). Sometimes difficult to understand, but a good book from a utilitarian, Ricardian, "Classical theory on political economy" perspective.