According to John Stuart Mill, what should be the role of government in the economy?

John Stuart Mill advocated for the idea that the primary role of government in the economy should be to promote the greatest happiness for the greatest number of people. This concept aligns with utilitarian principles, which Mill supported. He believed that government intervention can be necessary to correct inequalities created by a free market and to ensure that everyone has the opportunity to benefit from economic activities.

By maximizing the welfare of the majority, the government can create a more equitable society where the needs and well-being of vulnerable populations are addressed. Mill argued that certain regulations could protect workers and consumers, promote social justice, and prevent the concentration of wealth and power that could arise from unchecked market forces.

The focus on overall societal welfare distinctly sets this view apart from options that either advocate for abolishing regulation, promoting only individual entrepreneurship, or supporting monopolies, which can lead to exploitation and social inequalities. In Mill's view, the government should act not just as a facilitator of business but as a guardian of public interest, ensuring that economic practices contribute positively to societal well-being.