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.
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.
- Mill's extension of comparative advantage through reciprocal demand acknowledged this 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.
- As Mill (1848) recognized in his treatment of terms of trade, Gains from Trade is not the same as absolute advantage.
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