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finals Assignment

Category: Macro & Microeconomics Pages: 3 Type: Assignment Level: Undergraduate
Since most of landowners were parliamentary, thus Corn Law passed easily, debate on these law defined interest of various economic units (groups).Malthus lavished praise on land lords and Ricardo attached the consequences, thus legislative issues become context in economic analysis and revelation of class conflict- how national income to be distributed among landlords manufacturer and workers. Malthus argued that taxation reduces disposable income thus are left worse off. Thus, Corns laws are unfavorable. Answer to question 6. Mill turns economics into a viable philosophical area of inquiry by exploring what people really want and what economics can measure and assess. 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. In other words, wealth is the natural product of labor, but the distribution of wealth is determined by the decisions and the will of actual people (the elite) and is not simply part of the order of nature. Mill carries this view quite far, maintaining that human laws and institutions can and should determine how wealth is distributed. Thus, for Mill, economics is closely tied to social philosophy and politics. Private property being assumed as a fact, we have next to enumerate the different classes of persons to whom it gives rise; whose concurrence, or at least whose permission, is necessary to production, and who are therefore able to stipulate for a share of the produce. We have to inquire, according to what laws the produce distributes itself among these classes, by the spontaneous