2.7 — John Stuart Mill and the Decline of Classical Economics — Class Content

Meeting Dates

Thursday, October 13, 2022


Today we cover John Stuart Mill and the “apex” and decline of the Classical School of Economics.


Required Readings:

  • John Stuart Mill & Principles of Political Economy in Reader
  • Ch.6 “John Stuart Mill and the Decline of Classical Economics” in Landreth & Colander
  • Ch.5 in Blaug

Questions to Help Your Reading

  • What is the proper method of economics, according to Mill?

  • What are Mill’s politics?

  • What is the difference between production and distribution in Mill’s theory?

  • What does Mill think of Say’s Law?

  • How does Mill address the criticisms of economics from socialists and other critics of Ricardo?

  • How much is Mill a classical economist, and how does he differ from Ricardo?


Below, you can find the slides in two formats. Clicking the image will bring you to the html version of the slides in a new tab. The lower button will allow you to download a PDF version of the slides.


You can type h to see a special list of viewing options, and type o for an outline view of all the slides.

I suggest printing the slides beforehand and using them to take additional notes in class (not everything is in the slides)!


Download as PDF


Participation/Discussion Board Posts Due 8 PM Fri Oct 14

This week’s graded discussion is worth 5 points, and can be a combination of discussion in class, and/or posts on the Blackboard Discussion Board by 8 PM this Friday October 7.

Tournament Votes

The second round of the Pre-Classical division of the “Most Interesting Economist in History” tournament is live. Please post your votes in the discussion board.