Page 1 of 5John Stuart Mill (1806 - 1873) British Philosopher “Principles of Political Economy” (1848) In John Stuart Mill’s work he shows his ideas and theories towards economics. Mill believed strongly in the superiority socialism, in Principles he uses philosophy to approach and explore economics. “One person with a belief is equal to a force of ninety-nine who have only interests.” - John Stuart Mill He states that it is important in a society to encourage individual responsibility and self initiative, and notes that if you don’t, then the result will be a mental inertia and sluggishness amongst it’s citizens. Although, this does not apply for all areas of Mills ideal economy, he modifies his laissez-faire stance by stating that private…show more content… Another idea put forth is that free competition should be allowed within markets, Mill believes in the useful and favorable energies that competition releases. Mill wanted companies to be able to operate and set their prices based off of what they believed to be best, not based off government controls and regulations. He believed that government policies should never weaken or discourage the positive work of an individual. Mill closely ties economics to social philosophy and politics, his philosophical mindset definitely help him view the economic views from a different perspective. One of the things he observed was that the laws of production may be natural laws, but the laws of distribution are enacted by humans. Wealth is the natural end product of labour, but the distribution of wealth is decided by people (the elite), this is not of normal nature to the Canadian society today. Although Mill believed heavily in the minimal regulations of a socialist society, he accepted inventions such as alcohol tax and the principle of legislative intervention. Things such as equality for men and women were also pushed forward by Mill, he believed that women should be able to look for employment in areas typically reserved for men, and that the poor need to be liberated from their dependance on a class structured society. Mill also never believed in slavery, although he accepted…show more content… He agrees with Thomas Malthus that population must be controlled so that it does not exceed the food supply. In today’s society our population has outgrown our natural organic food supply and farmers have turned to genetically modified live stalk and products in order to maximize production to meet the needs of the population. This was not so much a problem in the 1800s when Mill was alive, but the fact that they were able to recognize the issue that early probably played a role in the development of some nations. Lastly, Mill expressed a theory that stated a markets allocation of resources would not necessarily lead to an equal distribution of wealth. This theory is very true, for example if you give 3 people $100 each, the way they flip or spend that $100 will be very different a week down the road, some will have turned it into more money, and some will have spent all their money away without making any more. This theory applies not only in a socialist society, but also in todays modern democratic society too. Maybe Mill’s idea of a perfect society is the way ours should be, the way he describes it out to be seems pretty fair and well balanced for everyone, although such perfect societies are near impossible to maintain