John Stuart Mill was almost as unlucky as Karl Marx. Mill was the right man at the right time when it came to summing up Classical Economics. He was both brilliant and well situated. As the son of James Mill he knew David Ricardo well. Mill was also a gifted student. He spoke multiple languages as a small child. Mill famously claimed that Happily, there is nothing in the laws of Value which remains for the present or any future writer to clear up; the theory of the subject is complete: the only difficulty to be overcome is that of so stating it as to solve by anticipation the chief perplexities which occur in applying it. Little did he know that in a few years the marginal revolution would shred his definitive restatement of Ricardian economics. Another notable-quotable passage concerns socialism: If, therefore, the choice were to be made between Communism with all its chances, and the present [1852] state of society with all its sufferings and injustices; if the institution of...

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