James Mill's (1773-1836) major contribution to economic theory, presented 'To Thomas L. Peacock Esq from his sincere friend the author'.

The recipient, Thomas Love Peacock (1785-1866), worked closely with Mill at East India House. 'When James Mill became assistant examiner in April 1823, Peacock's salary was raised to £1000, and when Mill succeeded William McCulloch as examiner in December 1830, Peacock became a senior assistant to the examiner at £1200. In February 1836, with Mill seriously ill, Peacock became assistant examiner at £1500, and in July, a month after Mill's death, he was appointed examiner at £2000—a salary that remained unchanged until March 1856, when he retired on a pension of £1333 6s. 8d. and was in turn succeeded by John Stuart Mill. Through James Mill he became acquainted with almost all the leading philosophical radicals, including Bentham, with whom he is said to have been "extremely intimate—dining with him tête à tête, once a week for years together" (Sir M. E. Grant Duff, Notes from a Diary, 1851–72, 1897, 1.60). He also influenced the careers of Henry Cole and John Arthur Roebuck by introducing them to John Stuart Mill' (ODNB).

Mill, with his associates David Ricardo, Thomas Malthus, and Robert Torrens, founded The Political Economy Club in 1821 as a forum to discuss economic policy and peer-review their work. Elements, first published the same year, was intended as a 'school-book' which would provide a thorough grounding in subject. Treating economics as a science, its scope was limited to ascertaining 'the laws, according to which the production and consumption are regulated of those commodities, which the intervention of human labour is necessary to procure' (Introduction).

Second edition, revised and corrected, author's presentation inscription in pen to title-page; 8vo (22.5 x 14.5 cm); inscribed in pen to upper margin of title-page, title and final f. of text browned, front free endpaper coming loose at gutter margin, some light offsetting otherwise internally clean; publisher's green cloth, spine lettered in gilt, extremities a little frayed, very good; viii, 304pp.

Goldsmiths 24799.