James Mill and Ricardo

The publication of "Principles of Political Economy and Taxation" made Ricardo a first-class economist and the master of the academic group with him as the core.

At this time, the relationship between Mill and Ricardo changed. It developed from a teacher-student relationship with Ricardo as a student and Mill as a teacher to a disciple relationship with Ricardo as a mentor and Mill and others as disciples. . Mill claimed that he and McCulloch were the two and only two true believers of Ricardo.

In order to spread Ricardo's ideas, in 1821, Mill published "Principles of Political Economy", which for the first time systematically expounded Ricardo's theory. The academic worship of Ricardo hindered Mill's scientific exploration and pursuit of truth.

The Ricardo system has two contradictions that it cannot overcome: the contradiction between the labor theory of value and the exchange of labor and capital; and the contradiction between the labor theory of value and the equal amount of capital obtaining the same amount of profit.

In the 1820s, the Ricardo system was violently attacked by Malthus and Bailey. After Ricardo's death, as a firm believer and successor of Ricardo's theory, with deep feelings for Ricardo and his theory, Mill took on the responsibility of defending Ricardo's theory. However, a defense based on faith rather than science is destined to lack strength. Giving up on science is actually choosing to fail. In the explanation of the first contradiction, Mill confused labor and labor force, actually canceling the labor theory of value that Ricardo had always insisted on; while in the explanation of the second contradiction, Mill's theory of new wine and old wine The explanation eventually became a joke in the history of doctrine. Mill's explanation did not resolve the contradictions of the Ricardo system at all. Instead, it vulgarized Ricardo's theory and ultimately led to the disintegration of the Ricardo system.