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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
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market power (DO)<br />A buyer's or seller's ability to influence a market price. For a seller, this power, the consequence of the INELASTICITY of the demand curve facing it, often results in high profits.<br /><em>See also:</em> concentration
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equal to the current supply price of that asset. The concept can be expressed in a diagram: net investment I will expand until it reaches h where the marginal efficiency of capital MEC is equal to the rate of interest i.<br /><em>Reference</em><br />Keynes, J.M. (1936) The General Theory of Employment, Interest and Money, Book IV, ch. 2, London: Macmillan; New York: St Martin's Press.
central bank independence (E5)<br />The conduct of MONETARY POLICY by a CENTRAL BANK, independent of governmental control through its Treasury. This has long been true of the USA with its FEDERAL RESERVE SYSTEM, and of the UK since 1997.<br /><em>See also:</em> Monetary Policy Committee
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