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"Drop the dead donkey": a response to Steven Kates on the subject of Mill's fourth proposition on capital

Author

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  • Roy H Grieve

    (Department of Economics, University of Strathclyde)

Abstract
Steven Kates has recently (2015a) attempted to explain and justify J S Mill’s paradoxical “fourth proposition on capital†, which states that “demand for commodities is not demand for labour†, a proposition which notoriously – over generations – has baffled many eminent commentators. Kates intends to resolve the puzzle by offering “a proper understanding of Say’s Law as it was understood by Mill and his contemporaries.†We conclude that Kates does indeed reveal the logic of Mill’s proposition, making it clear that from Mill’s lost “supply-side†perspective, it is in no way puzzling or paradoxical. However, at the same time it becomes evident that Mill’s whole position is undermined by his acceptance of the untenable belief that “demand is constituted by supply†, which leaves us with the clear understanding that his fourth proposition, despite Kates’s rationalisation and defence thereof, as well as certainly being paradoxical, is simply untrue.

Suggested Citation

  • Roy H Grieve, 2016. ""Drop the dead donkey": a response to Steven Kates on the subject of Mill's fourth proposition on capital," Working Papers 1603, University of Strathclyde Business School, Department of Economics.
    • Handle: RePEc:str:wpaper:1603
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    File URL: http://www.strath.ac.uk/media/1newwebsite/departmentsubject/economics/research/researchdiscussionpapers/16.03.pdf
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    References listed on IDEAS

    as
    1. Grieve, Roy H., 2016. "Keynes, Mill, And Say’S Law: The Legitimate Case Keynes Didn’T Make Against J. S. Mill," Journal of the History of Economic Thought, Cambridge University Press, vol. 38(3), pages 329-349, September.
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    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Mill’s lost ‘supply-side’ perspective has now been found
      by Steve Kates in Catallaxy Files on 2017-10-26 07:57:11

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      Keywords

      Mill's fourth proposition on capital; Say's Law; wage-fund theory; Steven Kates;
      All these keywords.

      JEL classification:

      • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)

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