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Mill, John Stuart, 1806-73 (B3)<br />English philosopher, political theorist and major classical economist. His father, James MILL, a close friend of BENTHAM, educated him at home in a rigorous programme which started with Greek at the age of 3 and reached political economy ten years later. John learned economics by making notes on RICARDo's Principles which his father then published as Elements of Political Economy (1821). He followed his father into a clerkship in the East India Company where he was employed until 1858 and engaged in the political reform movements of the day being Member of Parliament for Westminster from 1865 to 1868. John turned his attention to a range of philosophical and political issues, writing on women's rights, representative government, logic, UTILITARIANISM and liberty. But he made an outstanding contribution to economics, being more than he modestly claimed - a clarifier of SMITH'S and RICARDO'S ideas.<br /> In his brilliant Essays on Some Unsettled Questions of Political Economy, written when he was only 23 but not published until 1844, he developed the theory of RECIPROCAL DEMAND to explain the ratios at which nations would trade if they followed the principle of coMPARATIVE ADVANTAGE. Also he introduced the idea of a demand schedule, refined SAY'S LAW and expounded one of the earliest theories of the TRADE CYCLE which he attributed to
economic planning (D2, Ll, 02, P2)<br />The allocation of economic resources and the determination of production on the basis of a plan; the alternative to allocation by markets. The Soviet plans of the 1930s were the first major attempts to organize entire national economies according to this method. In the post-war period, French INDICATIVE PLANNING also attracted much attention. Governments also use planning for aspects of their economies, particularly for regional development and major investment. Since planning essentially commits a government to a future course of action, it can lead to many inflexibilities, including a slow reaction to change, especially in the foreign trade sector. As planners rely greatly on economic FORECASTING the difficulties of modelling complex economies can make the quality of their plans suffer. Also planning necessitates much bureaucracy, which is both costly and often opposed to entrepreneurship. Increasingly planning in countries such as Hungary allowed the reintroduction of market mechanisms for small-scale production. At the beginning of the twenty-first century there is little enthusiasm for the revival of large-scale national planning.<br /><em>See also:</em> centrally planned economy; development <br /><em>Reference</em><br />Cave, M. and Hare, P.G. (1981) Alternative Approaches to Economic Planning, London: Macmillan.
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