The Common Reader

Tyler Cowen: reading John Stuart Mill

7 snips
Dec 11, 2023
In this engaging conversation, Tyler Cowen, author of "GOAT: Greatest Of All Time" and a renowned economist, dives deep into the philosophies of John Stuart Mill. He explores Mill's lasting influence on modern economics and social thought, emphasizing themes of individualism and education. The discussion also uncovers Mill's complex views on morality, particularly regarding personal relationships and justice. Readers are encouraged to navigate his works, as Cowen highlights key texts and the importance of humanities in a quantitatively driven world.
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INSIGHT

Why Economists Don't Write Biographies

  • There's little professional incentive for economists to write biographies, as they are time-consuming and offer low returns compared to other forms of publication.
  • Biographies may help secure tenure in history, but hold less value in economics.
INSIGHT

Mill's Relevance for Economists

  • Economists can learn from Mill's profound individuality, emphasis on multiple perspectives, and the power of classical liberalism.
  • Mill's approach to reality, self-teaching, and continuous improvement also offer valuable lessons.
INSIGHT

Mill's Economic Insights

  • Mill's understanding of supply and demand interaction, Say's Law, and the limitations of aggregate demand theories remain relevant.
  • He correctly argued that while short-run imbalances may occur, markets adjust over time.
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