CHAPTER IX

JOHN STUART MILL

§ 1. Begins with “empirical” laws of supply and demand, and of entrepreneur’s costs 104

§ 2. Scant attention paid to subjective costs 106

§ 3. Wavers concerning inclusion of “profits” in cost: an illustration of the inadequacy of the ancient philosophy of value 107

§ 4. Follows Ricardo, without the slightest improvement in his explanation of the interest complication 108

§ 5. Departs from Ricardo in admitting that case of skilled labor necessitates qualification of the labor-cost theory 110

§ 6. Summary: the labor theory weakened; comparison with Malthus and Senior 112