Abstract
J. S. Mill (1806–73)’s Principles of Political Economy (1848) was written as “a work similar in its object and general conception to that of Adam Smith, but adapted to the more extended knowledge and improved ideas of the present age” (Mill [1907], p. xxviii). It was highly successful as the last of the great books of the classical economics founded by A. Smith. From the point of view of the history of international trade theory, it is, in general, to be remembered by its extension of Ricardo’s theory of comparative costs to take account of the effects of reciprocal demand on the terms of trade. We must emphasize, however, that Mill seems to started the so-called modern interpretation of Ricardo, which we criticized in Chapter 4.
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Negishi, T. (2001). J. S. Mill and Reciprocal Demand. In: Developments of International Trade Theory. Research Monographs in Japan-U.S. Business & Economics, vol 6. Springer, Boston, MA. https://doi.org/10.1007/978-1-4757-4959-5_5
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DOI: https://doi.org/10.1007/978-1-4757-4959-5_5
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