Debunking Mill’s "Fourth Fundamental Proposition on Capital"

Roy Grieve ()

No 2015-54, SIRE Discussion Papers from Scottish Institute for Research in Economics (SIRE)

Abstract: J S Mill’s enigmatic "Fourth Proposition on Capital" has been brought to our notice by Steven Kates (2015). Kates takes a positive view of the proposition. Our focus is not, however, on Kates, but on the aforesaid proposition. The purpose of this paper is to demonstrate, via close examination of Mill’s explanatory examples, just how unsatisfactory are its foundations. We conclude that the doubters are justified: Mill’s Fourth Proposition is, demonstrably, a muddle.

Keywords: J S Mill’s Fourth Proposition on Capital; derived demand; Say’s Law (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:edn:sirdps:642

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