To become more and more concentrated in a few firms. The advantages this gave should be set

Against the disadvantages that will accrue in the form of higher prices from the loss of competition.

Recognition of this tendency led him to support strike action by trade unions. Trade unions were

A necessary counterweight to the powerful employer (Galbraith, J. K.).

In his exposition of the theory of value, Mill showed how price is determined by the equality of

Demand and supply, although he did not demonstrate the relationship by means of graphs or schedules.

Mill recognized as a distinct problem the case of commodities with joint costs. He showed

also how reciprocal demand for each other’s products affected countries’ terms of trade. Mill brought

In the idea of elasticity of demand (though the actual expression was invented later by Marshall) to

Analyse various alternative trading possibilities. His father had suggested that rent, being a surplus

According to Ricardian theory, was ideally suited to taxation. John Stuart took up this idea, and it

Became quite popular. Mill proposed that all future increases in unearned rents should be taxed.

Commentary and Notes to Text 5.7.1.3

Utilitarianism — утилитаризм (философ.)

Prolific writer — плодовитый писатель

Ratiocinative — система логики с использованием силлогизмов в рассуждениях