Mill's paradox: Difference between revisions
No edit summary |
No edit summary |
||
| Line 3: | Line 3: | ||
John Somerset Chipman argues that the Mill's paradox is not a paradox at all; rather, it is another name for the Law of Demand.<ref>{{cite book|last1=Somerset Chipman|first1=John|title=The Theory of International Trade, Volume 1|url=https://books.google.com.ar/books?id=Sl1YcDJHYBMC&pg=PA16&lpg=PA16&dq=%22mill%27s+paradox%22+commerce&source=bl&ots=H-TIDXdhIA&sig=0cHiDiKN62XKep9QjW2SCkoBOnM&hl=en&sa=X&ved=0ahUKEwjesdbq1PbaAhVCDJAKHZ6-DIQQ6AEILzAB#v=onepage&q=%22mill's%20paradox%22%20commerce&f=false}}</ref> | John Somerset Chipman argues that the Mill's paradox is not a paradox at all; rather, it is another name for the Law of Demand.<ref>{{cite book|last1=Somerset Chipman|first1=John|title=The Theory of International Trade, Volume 1|url=https://books.google.com.ar/books?id=Sl1YcDJHYBMC&pg=PA16&lpg=PA16&dq=%22mill%27s+paradox%22+commerce&source=bl&ots=H-TIDXdhIA&sig=0cHiDiKN62XKep9QjW2SCkoBOnM&hl=en&sa=X&ved=0ahUKEwjesdbq1PbaAhVCDJAKHZ6-DIQQ6AEILzAB#v=onepage&q=%22mill's%20paradox%22%20commerce&f=false}}</ref> | ||
Argentine economist José Luis Espert uses Mill's paradox to explain why openness to free market among two countries, tend to favor the smallest country.<ref>{{cite book|last1=Espert|first1=José Luis|title=La Argentina Devorada|page=185}}</ref> | Argentine economist {{w|José Luis Espert}} uses Mill's paradox to explain why openness to free market among two countries, tend to favor the smallest country.<ref>{{cite book|last1=Espert|first1=José Luis|title=La Argentina Devorada|page=185}}</ref> | ||
== References == | == References == | ||
Revision as of 18:05, 8 May 2018
The term was coined by Edgeworth (1899).[1] In John Stuart Mill's words, "The richest countries, caeteris paribus, gain the least by a given amount of foreign commerce: since, having a greater demand for commodities generally, they are likely to have a greater demand for foreign commodities, and thus modify the terms of interchange to their own disadvantage".[2]
John Somerset Chipman argues that the Mill's paradox is not a paradox at all; rather, it is another name for the Law of Demand.[3]
Argentine economist José Luis Espert uses Mill's paradox to explain why openness to free market among two countries, tend to favor the smallest country.[4]