J. S. Mill and Reciprocal Demand

  • Takashi Negishi
Chapter
Part of the Research Monographs in Japan-U.S. Business & Economics book series (JUSB, volume 6)

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.

Keywords

Supply Curve English Auction World Income International Trade Theory Dutch Auction 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer Science+Business Media New York 2001

Authors and Affiliations

  • Takashi Negishi
    • 1
  1. 1.Aoyama Gakuin UniversityJapan

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