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Debunking Mill's "Fourth fundamental proposition on capital"

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  • Roy H Grieve

    (Department of Economics, University of Strathclyde)

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.

Suggested Citation

  • Roy H Grieve, 2015. "Debunking Mill's "Fourth fundamental proposition on capital"," Working Papers 1502, University of Strathclyde Business School, Department of Economics.
    • Handle: RePEc:str:wpaper:1502
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    File URL: http://www.strath.ac.uk/media/1newwebsite/departmentsubject/economics/research/researchdiscussionpapers/15-02.pdf
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    References listed on IDEAS

    as
    1. James H. Thompson, 1975. "Mill's Fourth Fundamental Proposition: A Paradox Revisited," History of Political Economy, Duke University Press, vol. 7(2), pages 174-192, Summer.
    2. Kates, Steven, 2015. "Mill’S Fourth Fundamental Proposition On Capital: A Paradox Explained," Journal of the History of Economic Thought, Cambridge University Press, vol. 37(1), pages 39-56, March.
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    1. Grieve, Roy H, 2015. "Debunking Mill’s "Fourth Fundamental Proposition on Capital"," 2007 Annual Meeting, July 29-August 1, 2007, Portland, Oregon TN 2015-54, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Grieve, Roy H, 2015. "Debunking Mill’s "Fourth Fundamental Proposition on Capital"," SIRE Discussion Papers 2015-54, Scottish Institute for Research in Economics (SIRE).

    More about this item

    Keywords

    J S Mill's Fourth Proposition on Capital; derived demand; Say's Law;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)

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