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John stuart mill Biography

John Stuart Mill

(London, 1806-Avignon, France, 1873) British economist, logician and philosopher.Son of the also economist James Mill, he was exclusively educated by his father according to the strict principles of Emilio de Rousseau.Gifted with extraordinary intelligence, at the age of ten he was well versed in Greek and Latin and possessed an exhaustive knowledge of the classics.At the age of thirteen his father introduced him to the principles of logic and political economy, focusing in this area on the work of Adam Smith and David Ricardo.

John Stuart Mill

In 1823 he joined the East India Company, where he would become head of the Office for Foreign Relations with the Indian States.Politically active in defense of the abolitionist cause during the American civil war, since 1865 and for three years he held a seat in the House of Commons, where he would be the subject of constant controversy because of his determined support for measures in favor of the classes less privileged and equal rights for women.

In the first, Mill elaborated a complete analysis of the wage formation process that he understood to be determined by the interaction between the supply of labor and its demand in the form of a wage fund.He considered profit as income from capital and made it dependent on the general price level.In his theory of exchange, he introduced utility as a determining factor of the exchange value of a good, along with its cost of production.In the field of international economics, the introduction of the term "terms of trade" is due to him.

In the second part he dealt with questions of statics and dynamics and presented his idea of ​​an evolution towards stagnation of the entire capitalist system due to an irreversible tendency to reduce profits, a concept that it would be recovered by Marx.The third part is the one that best reflects his reformist spirit and deals with the measures necessary to favor a more just distribution of income, among which Mill proposed the limitation of inheritance, worker and inter-territorial cooperation and the promotion of small property peasant.

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