Principles of Political Economy with Some of Their Applications to Social Philosophy

Mill, J. S. (1848). Principles of Political Economy with Some of Their Applications to Social Philosophy.

Type

Book

Intellectual base

Textbook

Year

1848

Link

https://www.econlib.org/library/Mill/mlP.html

Cited from

economics_finance

Cited by

2 citations across 2 artifacts.

Each citation links to the sentence it supports in the citing article.

Primes

• Comparative Advantage
  • Mill's extension of comparative advantage through reciprocal demand acknowledged this tension.

    This sourceExtends Ricardo's comparative-cost theory with the theory of reciprocal demand (the 'equation of international demand'), determining where between the two opportunity-cost limits the terms of trade settle and how the gains are divided; supports the prime's claim that Mill's reciprocal-demand extension acknowledged the dynamic/terms-of-trade tension.

• Gains from Trade
  • As Mill (1848) recognized in his treatment of terms of trade, Gains from Trade is not the same as absolute advantage.

    This sourceExtends Ricardo via reciprocal-demand analysis of the terms of trade; supports both the 'not absolute advantage / distributional complexity' claim and the T4 claim that bargaining power (demand elasticity) skews how gains divide even when both parties benefit.

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