ENGLISH LITERATURE (CBSE/UGC NET)

Detailed explanation-1: -Principles of Political Economy (1848) by John Stuart Mill was one of the most important economics or political economy textbooks of the mid-nineteenth century. It was revised until its seventh edition in 1871, shortly before Mill’s death in 1873, and republished in numerous other editions.

Detailed explanation-2: -Mill’s approach to economics is based on his belief in the superiority of socialism, in which economic production would be driven by cooperatives owned by the workers. To this end, Mill argues that the laws of production may be natural laws, but the laws of distribution are created and enacted by human beings.

Detailed explanation-3: -He believed in a moral theory called utilitarianism-that actions that lead to people’s happiness are right and that those that lead to suffering are wrong. Among economists, he’s best-known for his 1848 work, Principles of Political Economy, which became a leading economic textbook for decades after its publication.

Detailed explanation-4: -By John Stuart Mill Principles of Political Economy, with some of their Applications to Social Philosophy very quickly, having studied economics under the rigorous tutelage of his father, James, since his youth. It was published in 1848 (London: John W.