Elements of Political Economy

James Mill's Elements of Political Economy (1821) is a concise summary of philosophical radicalism's economic views, heavily influenced by David Ricardo. Mill argued that controlling population growth is crucial, as capital may not keep pace with it. He posited that a thing's value is determined by the labor invested in it, a concept later adopted by Karl Marx. Additionally, Mill believed that the "unearned increment" of land value should be taxed. This work contributed to the broader school of classical economics, which emphasized economic growth and freedom.12