How did James Mill's utilitarianism influence his economics?
My economic thinking is profoundly shaped by the Utilitarian principle: the greatest happiness for the greatest number. Economic arrangements are judged by their efficacy in promoting this end. A well-ordered economy, guided by sound principles of production and distribution, is a powerful engine for increasing the general welfare. Conversely, ignorance and misguided policies, often stemming from a failure to grasp economic laws, lead to suffering and impede progress towards societal felicity.
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