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John Stuart Mill

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Kate Fedorova

on 4 March 2014

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Transcript of John Stuart Mill

John Stuart Mill
General Information
May 20, 1806- May 8, 1873
Born in London, England
was originally a supporter of the philosophic radicals
Utilitarianism and Liberalism
What is Utilitarianism?
Theory on Liberty
Ethical theory
Contributes largely to political theory
Economic Views
Free market
taxes for the common good
The power is in the individuals, not corporate business men
Wrote Principles of Political Economy
Despotism for barbarians
Principles of Political Economy
Must have the labor and natural resources
Believed that it was a balance between nature and labor
Man must put in work to take credit for what is manufactured
Addressed many different types of distribution
Believed wages are regulated by competition and/or custom
High prices do not make high wages, only when the demand is also very high
Addressed David Ricardo's comparative advantage
This is when one party is able to produce with a lower marginal cost and opportunity cost
Concluded that the country who was most elastic in their demand for goods benefited most
Addressed power of government in the economy
Explains that the lines of too much and too little government are blurred
Government should not be overly powerful in the economy
Each person should still help the society so every citizen must pay taxes
Thank You!
Jeremy Bentham and John Stuart Mill are considered first few
Morally right action produces most good
Says that it is also important to do things for the good of others
Everyone's happiness counts the same
Mill stressed the connection between Utilitarianism and Liberalism
Connection with liberalism
Free speech
Less government intervention
Utilitarianism to government and economy

Free market economy
How do Utilitarianism and Liberalism tie into economy?
Free Market
Taxes for good
Socialism and communism
Full transcript