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Karl Marx |
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Quote That the morality of actions depends on the consequences which they tend to produce, is the doctrine of rational persons of all schools; that the good or evil of those consequences is measured solely by pleasure or pain, is all of the doctrine of the school of utility, which is peculiar to it.
Many referred to Principles of Political Economy (1848) as his greatest contribution to the field of Economics. It elaborated on the views of Adam Smith and David Ricardo, making it widely regarded as an improved version of Smith’s work (in terms of method), as well as a popularized version of Ricardo’s writings (in terms of the analytical model). It has been viewed as a work that tried to show that economics was not the "dismal science" that its critics had supposed. His methodical and thorough treatment of economics, with a breadth of treatment that sometimes reminds one of Adam Smith, made his work an important read. Mill retained the Wage Fund Doctrine introduced by William Thomas Thornton, although this theory was afterwards relinquished or modified by Mill in consequence of the criticisms of William Thomas Thornton. His work was seen as the beginning of the end of the Wage Fund Doctrine. Mill's reflections on the difference between what economics measured and what human beings really valued showed his philosophical inclination: Mill argued that we should sacrifice economic growth for the sake of the environment, and should limit population as much to give ourselves breathing space as in order to fend off the risk of starvation for the overburdened poor. Mill was not a consistent advocate of laissez faire (free market economic system). In spite of his adherence to the maxim of laissez faire, Mill recognized it is possible to modify the system. Mill favoured inheritance taxation, trade protectionism, and regulation of employees' hours of work.
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His Life