Note 17 — Chapter VI · ON THE DEFINITION AND APPLICATION OF TERMS BY MR. MILL, IN HIS “ELEMENTS OF POLITICAL ECONOMY.”

Elements of Polit. Econ. c. iv. s. iii. p. 225. If the demand of every individual were equal to his supply, in the correct sense of the expression, it would be a proof that he could always sell his commodity for the costs of production, including fair profits; and then even a partial glut would be impossible. The argument proves too much. It is very strange that Mr. Mill should not have seen what appears to be so very obvious,—that supply must always be proportioned to quantity, and demand to value.