6.Mill’s Millian Economics

 

Millian Economics refers to the modifications and contributions made by John Stuart Mill to the mainstream of orthodox economic theory. Mill, influenced by both orthodox and heterodox thinkers, critically approached technical economic theory. He made fundamental changes to Ricardo's theory of value and recognized the importance of historical and institutional circumstances in economic analysis. Mill emphasized the role of both competition and custom in governing the distribution of income, criticizing the orthodox English economists for neglecting the role of custom. He also differentiated between the laws of production (which are fixed and natural) and the laws of distribution (which are influenced by social and institutional arrangements). Mill's contributions to economic thinking included integrating questions of social philosophy into economic analysis and differentiating between the laws of production and distribution.                                                   

In his work "The Subjection of Women," published in 1869, John Stuart Mill expressed his long-held views on the equality of the sexes. He argued that the existing social relations between men and women, which involved the legal subordination of women, were fundamentally wrong and hindered human improvement. Mill advocated for the replacement of this principle with one of perfect equality, where neither sex held power or privilege over the other. Despite facing hostility for his views, Mill remained committed to advocating for women's rights.

 He recognized that theoretical predictions may be modified or even negated by social forces, and therefore, economic theory must be tempered by an understanding of the specific social context in which it is applied. Mill emphasized the importance of considering both abstract theory and institutional-historical material in order to gain a comprehensive understanding of economic phenomena. This contextual analysis was a departure from the purely theoretical approach of classical economists like Ricardo.

WrittenBy:W.J.K.V.Tekla Tharukshi

 Reference: https://www.econlib.org/library/Mill/mlP.html?chapter_num=1#book-reader