Debunking Mill's "Fourth Fundamental Proposition on Capital"

Roy H Grieve

Debunking Mill's "Fourth Fundamental Proposition on Capital"

Roy H Grieve

Economics

Research output: Working paper › Discussion paper

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Abstract

J S Mill's enigmatic "Fourth Proposition on Capital" has been brought to our notice by Steven Kates (2015). Kates takes a positive view of the proposition. Our focus is not, however, on Kates, but on the aforesaid proposition. The purpose of this paper is to demonstrate, via close examination of Mill's explanatory examples, just how unsatisfactory are its foundations. We conclude that the doubters are justified: Mill's Fourth Proposition is, demonstrably, a muddle.

Original language	English
Place of Publication	Glasgow
Publisher	University of Strathclyde
Pages	1-17
Number of pages	17
Volume	15
Publication status	Published - 2015

Keywords

fourth proposition on capital
derived demand
Say's law
J.S.Mill

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Grieve-2015-Debunking-mill's-fourth-fundamental-proposition-on-capitalFinal published version, 202 KB

Cite this

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