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ESSAYS ON SOME UNSETTLED QUESTIONS OF POLITICAL ECONOMY
by
JOHN STUART MILL
1844
PREFACE.
Of these Essays, which were written in 1829 and 1830, the fifth alone
has been previously printed. The other four have hitherto remained in
manuscript, because, during the temporary suspension of public interest
in the species of discussion to which they belong, there was no
inducement to their publication.
They are now published (with a few merely verbal alterations) under the
impression, that the controversies excited by Colonel Torrens' _Budget_
have again called the attention of political economists to the
discussions of the abstract science: and from the additional
consideration, that the first paper relates expressly to the point upon
which the question at issue between Colonel Torrens and his antagonists
has principally turned.
From that paper it will be seen that opinions identical in principle
with those promulgated by Colonel Torrens (there would probably be
considerable difference as to the extent of their practical application)
have been held by the writer for more than fifteen years: although he
cannot claim to himself the original conception, but only the
elaboration, of the fundamental doctrine of the Essay.
A prejudice appears to exist in many quarters against the theory in
question, on the supposition of its being opposed to one of the most
valuable results of modern political philosophy, the doctrine of Freedom
of Trade between nation and nation. The opinions now laid before the
reader are presented as corollaries necessarily following from the
principles upon which Free Trade itself rests. The writer has also been
careful to point out, that from these opinions no justification can be
derived for any _protecting_ duty, or other preference given to domestic
over foreign industry. But in regard to those duties on foreign
commodities which do not operate as protection, but are maintained
solely for revenue, and which do not touch either the necessaries of
life or the materials and instruments of production, it is his opinion
that any relaxation of such duties, beyond what may be required by the
interest of the revenue itself, should in general be made contingent
upon the adoption of some corresponding degree of freedom of trade with
this country, by the nation from which the commodities are imported.
CONTENTS.
ESSAY I.
Of the Laws of Interchange between Nations; and the Distribution of the
Gains of Commerce among the Countries of the Commercial World
ESSAY II.
Of the Influence of Consumption upon Production
ESSAY III.
On the Words Productive and Unproductive
ESSAY IV.
On Profits, and Interest
ESSAY V.
On the Definition of Political Economy; and on the Method of
Investigation proper to it
ESSAY I.
OF THE LAWS OF INTERCHANGE BETWEEN NATIONS; AND THE DISTRIBUTION OF THE
GAINS OF COMMERCE AMONG THE COUNTRIES OF THE COMMERCIAL WORLD.
Of the truths with which political economy has been enriched by Mr.
Ricardo, none has contributed more to give to that branch of knowledge
the comparatively precise and scientific character which it at present
bears, than the more accurate analysis which he performed of the nature
of the advantage which nations derive from a mutual interchange of their
productions. Previously to his time, the benefits of foreign trade were
deemed, even by the most philosophical enquirers, to consist in
affording a vent for surplus produce, or in enabling a portion of the
national capital to replace itself with a profit. The futility of the
theory implied in these and similar phrases, was an obvious consequence
from the speculations of writers even anterior to Mr. Ricardo. But it
was he who first, in the chapter on Foreign Trade, of his immortal
_Principles of Political Economy and Taxation_, substituted for the
former vague and unscientific, if not positively false, conceptions with
regard to the advantage of trade, a philosophical exposition which
explains, with strict precision, the nature of that advantage, and
affords an accurate measure of its amount.
He shewed, that the advantage of an interchange of commodities between
nations consists simply and solely in this, that it enables each to
obtain, with a given amount of labour and capital, a greater quantity of
all commodities taken together. This it accomplishes by enabling each,
with a quantity of one commodity which has cost it so much labour and
capital, to purchase a quantity of another commodity which, if produced
at home, would have required labour and capital to a greater amount.
To render the importation of an article more advantageous than its
production, it is not necessary that the foreign country should be able
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