Key Ideas

1. Utilitarianism: Mill's Principles of Political Economy is heavily influenced by the ethical theory of utilitarianism, which holds that actions should be judged by their overall utility or happiness they produce for the greatest number of people. Mill applies this principle to economics, arguing that policies should be evaluated based on their ability to promote the general welfare.

2. Economic liberty: Mill advocates for economic liberty and the laissez-faire approach to economics. He argues that individuals should have the freedom to pursue their own economic interests without excessive g....
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