J. S. Mill

This chapter will focus on those writers of the English classical school who followed Adam Smith. The scope of the chapter is defined by the method of analysis and the writers’ choice of problem rather than by the time period. Those writers are included whose work elaborates the theory of the equilibrium and stability of resource allocation contained in The Wealth of Nations. The work of contemporary writers (such as Cournot, Dupuit and Ellet) who developed the seminal ideas of Turgot and elaborated the static equilibrium conditions for various categories of markets will be discussed in chapter 4.