Posts Tagged ‘John Stuart Mill’
“Inequality is as dear to the American heart as liberty itself”*…
And indeed, what was true a century ago seem still to hold. Everyone seems to hate/fear inflation, but it has radically different impacts on different groups within our society…
Inflation is widening America’s wealth gap.
• Prices have risen across the nation, and so have wages across all income levels.
• The lowest-earning households gained an average of $500 in earnings last year. But their expenses grew by almost $2,000.
• Meanwhile, the upper half of earners pulled further ahead as their incomes outgrew expenses significantly.
“Whom does inflation hurt the most?” from Scott Galloway (@profgalloway)
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As we ferret out unfairness, we might cautious birthday greetings to James Mill; he was born (James Milne) on this date in 1773. A historian, economist, political theorist, and philosopher (a close ally of Utilitarian thinker Jeremy Bentham), he is counted among the founders of the Ricardian school of economics (and so, among other things, a father of monetarism, the theory that excess currency leads to inflation).
His son, John Stuart Mill, studied with both Bentham and his father, then became one of most influential thinkers in the history of classical liberalism (perhaps especially his definition of liberty as justifying the freedom of the individual in opposition to unlimited state and social control). JSM also followed his father in justifying colonialism on Utilitarian lines, and served as a colonial administrator at the East India Company.
“Democracy is the theory that the common people know what they want and deserve to get it good and hard”*…
It probably goes without saying at this point, but democratic institutions are experiencing something of a crisis. The last decade has seen an increasing trend toward right-wing populism around the world, from Donald Trump in the US and Jair Bolsonaro in Brazil to the rise of autocratic regimes in Poland and Hungary. These developments are particularly troubling considering they are occurring in countries ruled by nominally democratic governments, even though democracy is meant to be a bulwark against exactly this kind of political extremism.
Although political theorists have long considered democratic governments to be among the most stable forms of governance, new research by an international team of complex systems theorists that analyzes how democracies become destabilized suggests that the stability of democratic governments has been taken for granted. As detailed in a paper published this week in the European Journal of Physics, Wiesner and an international team of mathematicians, psychologists, political theorists, and philosophers focused on two features of complex social systems—feedback loops and stability—to better understand why democracies around the world are backsliding…
A team of systems experts argue that the decline of democracies is poorly understood, but that concepts from complex systems theory may offer a solution: “Complex Systems Theorists Explain Why Democracy Is Dying.”
[image above: source]
* H. L. Mencken, who also (prophetically?) observed: “As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart’s desire at last and the White House will be adorned by a downright moron.”
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As we get down with governance, we might send carefully-researched and elegantly-written birthday greetings to Thomas Carlyle; he was born on this date in1795. A Victorian polymath, he was an accomplished philosopher, satirical writer, essayist, translator, historian, mathematician, and teacher. While he was an enormously popular lecturer in his time, and his contributions to mathematics earned him eponymous fame (the Carlyle circle), he may be best remembered as a historian (and champion of the “Great Man” theory of history)… and as the coiner of phrases like “the dismal science” (to describe economics).
Carlyle’s History of the French Revolution, a three volume work that assured his fame as a historian, was finished in 1836 but not published until 1837 because John Stuart Mill’s maid mistook the manuscript of Volume One for kindling. The setback prompted Carlyle to compare himself to a man who has “nearly killed himself accomplishing zero.” But he re-wrote the first volume from scratch.
“A well-written Life is almost as rare as a well-spent one.” – Thomas Carlyle
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