Essays on Some Unsettled Questions of Political Economy.

London: John W. Parker,, 1844. The forerunner of his economic magnum opus First edition of Mill's series of theoretical essays on five economic questions: the laws of interchange between nations, the influence of consumption upon production, productivity and unproductiveness, profits and interest, and the definition of political economy. The essays were composed around 1830 – this is the first appearance of all but one. The essays drew on the model established by Ricardo and upheld by Mill's father: "that rational pursuit of wealth could be isolated as the mainspring of human behaviour, that the economy was an integrated self-correcting system, and that distribution of rewards was inexorably determined by the relative availability of the three prime factors of production (land, labour, and capital). Consistent with these views, Mill's early essays condemned all forms of monetary expansion not guaranteed by gold reserves; denied the possibility of deliberately 'creating' employment by either government expenditure or expansion of private consumption; and defended the principles of 'workhouse-test' and 'less-eligibility' as the indispensable safeguards of rational work incentives, promoted by the new poor law of 1834" (ODNB). Gathering these earlier essays gave Mill the idea of preparing a major synoptic work that would expand and bring up to date the classic treatises of Smith and Ricardo, and thereby proved to be the genesis of his great treatise, Principles of Political Economy, published in 1848. Provenance: John Sheepshanks (1787-1863), cloth manufacturer in Leeds and notable art collector, whose collection is now deposited in the V&A, with his bookplate on the front pastedown. Octavo (217 x 134 mm). Contemporary calf, twin green and red morocco labels to spine, gilt in compartments, double gilt rule to covers, marbled endpapers, yellow edges. Bound without terminal publisher's advertisements. Joints and extremities neatly restored, contents toned: a very good copy. Einaudi 3899; Goldsmiths' 33591; MacMinn, Hainds, & McCrimmon, p. 57.