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History of Economic Analysis part 55
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History of Economic Analysis part 55. At the time of his death in 1950, Joseph Schumpeter-one of the major figures in economics during the first half of the 20th century-was working on his monumental History of Economic Analysis. A complete history of humankind's theoretical efforts to understand economic phenomena from ancient Greece to the present, this book is an important contribution to the history of ideas as well as to economics. | CHAPTER 5 General Economics A Cross Section 1. J.S.MILL AND HIS Principles. FAWCETT AND CAIRNES MILL S Principles was not only the most successful treatise of the period under survey but also qualifies well for the role of the period s classic work in our sense. Having decided to choose it as headquarters from which to survey the general economics of that period we had better begin by a preliminary glance at the man and the book. John Stuart Mill 1806-73 was John Stuart Mill. That is to say he was one of the chief intellectual figures of the nineteenth century and is so familiar to every educated person that it might seem superfluous to add anything to what can be read in dozens of books. Moreover most of what economists need to know about him has been admirably said by Sir W.J.Ashley in the introduction to his edition 1909 of the Principles which I hope is in the hands of every student.1 A few points must be touched upon all the same. Most of us have heard or read of the severe intellectual training to which James Mill the father subjected his son from early childhood and which much more cruel and injurious than daily whippings would have been accounts for that impression of stunted growth and lack of vital strength that comes to us from many passages in the imposing work of his life. Most of us I suppose also know that it was first a salary and then after 1858 a pension from the East India Company which financed his needs fairly comfortably and that his duties though not on the average very arduous meant further injury to his thought as has been pointed out already not only interruption but also mere anticipation of possible interruption paralyzes creative research. Then too his unflagging interest in current issues caused additional interruption and loss of energy. This interest and the office combined account for the incessant hurry that all his writings display even the one that is the most finished of all in a literary sense the essay On Liberty. Finally .