J. S. Mill financial definition of J. S. Mill
Mill, John Stuart (redirected from J. S. Mill)
Also found in: Dictionary
Mill, John Stuart (1806–73) an English economist who helped develop CLASSICAL ECONOMIC theory in his book Principles of Political Economy with some of their Applications to Social Philosophy (1848). Mill was a social reformer, and although he preferred to see the production and exchange of goods taking place in free markets, he argued that government intervention could improve the material wellbeing of the people through REDISTRIBUTION OF INCOME. Mill was the first to argue that educational barriers to labour mobility could create non-competing groups of labour with permanent differences in wage rates between groups. He was also the first to analyse costs where two or more joint products are produced in fixed proportions.