Results for “Mill”

… do when we read those economists again. Surprise need not be true novelty. My free growth theory is really John Stuart Mill’s, although no one seems to have noticed the paragraph I quote from him. My next generation theory really belongs to my 17 th -century rhymesake Sir Willia...

…t D. Kaplan June 21, 2011 -- IN HIS extended essay, On Liberty, published in 1859, the English philosopher John Stuart Mill famously declares, “That the only purpose for which power can be rightfully exercised over any member of a civilized community, against his will, is to pre...

…n the forward, swapped the telescope for the microscope. They left aside the grand teleologies of Smith and Ricardo and Mill and Marx to refocus on the mechanics of choice. Reasons for tastes or choices were treated as irrelevant. By 1900 or so, the marginalists had given us micr...

…” and “plus”. These word equations are usually easy enough to read. My appendix will cover them and more in notation. Mill’s equation may be as old as economics, although | haven’t found it put explicitly before Keynes wrote it in his General Theory 1936. It is now foundational...

…deals for the sake of the existing order can rarely be justified, since the existing order is itself suspect. And, pace Mill, if we can never know for certain if authority is in the right, even as anarchy must be averted, the only recourse for society is to be able to choose and...

…iod of Production Theory Back to economics. Chapter 4 mentioned John Rae as a contributor to what later developed into Mill’s free growth theory. Rae’s book, published in 1834, also begins what was called period of production theory. The idea was that production took time, and t...

which doesn’t actually happen. The means of growth Mill describes in the paragraph quoted is the only kind that appears in the record. Evidence from Stock Markets Market-valued capital, reported in national accounts since 1990 or so and assembled at the convenient Piketty-Zucma...

…n't interested in even seeing it because the subject was “too adult.” Since Mad's circulation had already gone over the million mark, publisher Bill Gaines intended to keep aiming the magazine at teenagers. “I guess you don't wanna change horses in midstream,” I said. “Not when t...

We were paying them as homo habilis two million years ago. The cost went up, but the value of innovation just as much, when homo erectus arrived a little later. Both rose again with the emergence of Ancestral Eve 200,000 years ago. Adaptation is the human specialty. Its what gets...

…lanced growth without new ideas, how can it also pay for the failure rates and learning curves? A tough question. And Mill was posing an even tougher one. The paragraph quoted is clearly describing capital acceleration. Capital as he describes it is not only innovating consiste...

…sed before with you, might be helpful. You and your family are a 6 billion dollar corp. with an income between 250 -500 million dollars per year. It contains a few operating biz's , a large wide array of existing investments, in various categories , a desire to enter into others....

… and hopefully to you. There is a great urgency to understanding this problem. None of us can afford to passively watch millions of individuals lose their homes, children, and lives as a result of malice. Sloth is a sin, especially when we live in a world where cultures of evil c...

…e to be thought the best composer since Mahler, the best poet since Masefield, and the best economist since John Stuart Mill. The interviewer looked startled. Was she talking instead to the successor of Don Quixote, Emperor Norton and Walter Mitty? Probably. But not to worry. F...

…as ordinary income for the same reason. Level the playing field. Solow saw most of the truth, but didn’t go far enough. Mill saw more. And even Mill stopped short. All we have to do is look at the charts and tables. Capital accumulation does not exist. Any attempt lowers consumpt...

…ty, will grow. When we depend so much on connection for our identity, our work, and our safety how far from John Stuart Mill’s line from On Liberty might we tread: “Over himself, over his own body and mind, the individual is sovereign.”34+ Are we sovereign over our own bodies and...