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Politics & EconomicsOn the Principles of Political Economy and TaxationDavid RicardoOn the Principles of Political Economy and Taxation

On the Principles of Political Economy and Taxation

David Ricardo

Politics & EconomicsEnglish
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David Ricardo, a stockbroker who made a fortune and then turned to economics, sets out a rigorous theory of how wealth is divided between landowners…

Catalogue details

Author
David Ricardo
Category
Politics & Economics
Language
English
Source
Project Gutenberg

About this book

David Ricardo, a stockbroker who made a fortune and then turned to economics, sets out a rigorous theory of how wealth is divided between landowners, capitalists and workers. He explains value by the labour needed to produce goods; rent as the extra yield of better land over the worst land in use, which rises as population grows; and wages, profits and the effects of every kind of tax. His chapter on foreign trade introduces the theory of comparative advantage, with the example of English cloth and Portuguese wine: both countries gain by trading even if one produces both goods more cheaply.

Context and significance

Ricardo (1772–1823) published the book in 1817, and with Adam Smith's The Wealth of Nations it founded classical economics; comparative advantage is still the basis of the argument for free trade. His ideas were developed by John Stuart Mill in his Principles of Political Economy.

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