Nineteenth century liberal economists like John Stuart mill believed that

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John Stuart Mill believed in free markets and economic democracy, and that economic democracy should replace capitalism. However, even though he had a liberal view on economy, he did accept interventions in the economy such as taxation on certain items if there was a general approval of a certain item being taxed for a general benefit. He was also in favor of a cooperative wage system replacing the current wage system they had in place in England.

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10. Assess an Argument Consider the following argument in favor of continued

Andrew [12]

The argument in favor of US economic aid to other nations is invalid because the premises do not relate to the conclusion.

An argument is valid when all the premises are true and build a true conclusion.

According to the above, the argument presented has the following premises:

Foreign economic aid to other countries is a good investment for the United States.
It comprises only one percent of the entire federal budget, about $ 20 billion.

And the conclusion it presents is:

Returns untold amounts in increased sales of American goods and services.

According to the above, the argument is a fallacy because the premises are not related to the conclusion because:

An investment is an economic contribution to receive a later profit, in this case, the United States is investing, and those who are receiving the profit are private US companies. Furthermore, no argument is presented that relates the increase in sales of goods and services with this investment.