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John Stuart Mill,
By a mighty effort of will,
Overcame his natural bonhomie
And wrote "Principles of Political Economy."

 

Edmund Clerihew Bentley

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I am in full agreement, also, with Dr. Hayek's rebuttal of John Stuart Mill's well-known dictum that "there cannot, in short, be intrinsically a more insignificant thing, in the economy of society, than money," which he expresses admirably in the following passage from his last lecture: "it means also that the task of monetary theory is a much wider one than is commonly assumed; that its task is nothing less than to cover a second time the whole field which is treated by pure theory under the assumption of barter, and to investigate what changes in the conclusions of pure theory are made necessary by the introduction of indirect exchange. The first step towards a solution of this problem is to release monetary theory from the bonds which a too narrow conception of its task has created."

 

Friedrich Hayek

 

The change began with John Stuart Mill and the Utopians. When Mill pointed out that economics had no ultimate solution to the problem of distribution, that society might do with the fruits of its toil as it saw fit, he introduced into the mechanical calculus of the market a conflicting calculus of moral judgment.

 

Robert Heilbroner

 

In 1960, the U.S. population was 89% white. By 1990, it was 76%. Today, it is under 70%. By 2050, white Americans, the most loyal voting bloc the Republican Party has, that provides 90% of all GOP votes, will be just another minority because of an immigration policy championed by Republicans. When John Stuart Mill called the Tories "the Stupid Party," he was not entirely wrong.

 

Pat Buchanan

 

Like John Stuart Mill, he would often begin by stating the other side better than its advocate had stated it himself.

 

Learned Hand

 

The parallel existence and mutual interaction of "state" and "market" in the modern world create "political economy"; without both state and market there could be no political economy.

 

Robert Gilpin