Debunking Mill's "Fourth fundamental proposition on capital"

Roy Grieve ()

No 1502, Working Papers from University of Strathclyde Business School, Department of Economics

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)
JEL-codes: B12 (search for similar items in EconPapers)
Pages: 17 pages
Date: 2015-05
New Economics Papers: this item is included in nep-hpe
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