Principles of Political Economy [Volume 2]

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John Stuart Mills Principles of Political Economy was one of the most widely read of all books on economics in its period. Accepted as standard textbook for over 150 years, the book systematically demonstrates how the important economic concepts can be applied to real-world situations. Shifting focus to realism, Mill took economics out of the realm of the abstract and placed it within the context of society. The objective of the book as Mill himself stated was to unite the greatest individual liberty of action, with a common ownership of the raw material of the globe, and an equal participation of all in the benefits of combined labour. Mill intended the book to be a survey of contemporary economic thought as well as an exploration of application of economic ideas to social concerns. Greatly influenced by the works of David Ricardo, taking some ideas from Adam Smith and Thomas Malthus, J.S. Mill was able to weave together the diverse elements of classical economics into a unified body of doctrines, and in doing so he demonstrated his brilliance as a thinker and writer. The text is divided into five books; first three are more technical books on production, distribution and exchange, while the last two deal with the influences of societal progress and the government on economic activity. Mills recommendations for the economic organization of society were based on how institutions, laws and practices impacted the well-being of the individuals. This reprint of the book, with a comprehensive scholarly Introduction by Prof R.N. Ghosh of the University of Western Australia, has been brought to help the students, teachers and researchers of economics in their academic pursuits.

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John Stuart Mill (1806-1873), one of the most liberal thinkers of 19th century, was the son of Ricardian economist, James Mill. He deeply influenced the shape of the British thought and political discourse of his time. His precepts are of continuing significance and are widely recognized as the most effective defence of a liberal political view of society. The influence of J.S. Mill extended far beyond his role as an economic theorist. He was primarily a philosopher and social reformer. As an ardent supporter of individual liberty and economic freedom, he contributed immensely to the growth of liberalism in England. The substantial corpus of Mills works includes texts in economics, socio-political philosophy, ethics and epistemology. Among his most well-known books are A System of Logic, Utilitarianism, On Liberty, The Subjection of Women, Three Essays on Religion and his Autobiography. R.N. Ghosh is currently a Senior Honorary Research Fellow at the University of Western Australia in Perth, Australia. He is a specialist in the history of economic thought. In recent years he has also published on topics relating to a wide range of development issues such as good governance, corruption, gender issues, the environment, and the role of tourism in economic change. He is the current chairman of the International Institute for Development Studies (IIDS-Australia). Professor Ghosh has recently published with Atlantic Publishers and Distributors (P) Ltd., South Asian reprints of (i) Adam Smiths An Inquiry into the Nature and Causes of the Wealth of Nations, 2 Vols.; (ii) J.M. Keynes General Theory of Employment, Interest and Money; and (iii) David Ricardos The Principles of Political Economy and Taxation. A prolific writer, he has contributed papers in a wide range of scholarly international journals.