J. S. Mill and Reciprocal Demand

Takashi Negishi and Takashi Negishi
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Takashi Negishi: The Japan Academy
Takashi Negishi: The University of Tokyo

Chapter Chapter 5 in Developments of International Trade Theory, 2014, pp 33-42 from Springer

Abstract: Abstract J. S. Mill (1806–1873)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 1909, 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 start the so-called modern interpretation of Ricardo, which we criticized in Chap. 4.

Keywords: Modern interpretation of Ricardo; Reciprocal demand; Terms of trade; Thornton's criticism of the law of supply and demand; Dutch and English auctions (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1007/978-4-431-54433-3_5

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