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J. S. Mill and Reciprocal Demand

In: Developments of International Trade Theory

Author

Listed:
  • Takashi Negishi

    (The Japan Academy)

  • Takashi Negishi

    (The University of Tokyo)

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.

Suggested Citation

  • Takashi Negishi & Takashi Negishi, 2014. "J. S. Mill and Reciprocal Demand," Advances in Japanese Business and Economics, in: Developments of International Trade Theory, edition 2, chapter 0, pages 33-42, Springer.
    • Handle: RePEc:spr:advchp:978-4-431-54433-3_5
    DOI: 10.1007/978-4-431-54433-3_5
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