On The Principles of Political Economy, and Taxation cover
Philosophy

On The Principles of Political Economy, and Taxation

by David Ricardo

About 7 h 54 min of reading51 chapters

On the Principles of Political Economy and Taxation, published in 1817, is David Ricardo's systematic account of how wealth is produced and divided among landlords, capitalists and workers. Starting from the idea that the value of a good depends on the labor needed to make it, he builds a theory of rent, wages and profits, argues that rents rise and profits fall as a growing population is forced onto poorer land, and sets out the principle of comparative advantage that remains the basic argument for free trade. Later chapters examine taxes on rent, wages, profits and commodities. Ricardo was a stockbroker who had made his fortune before he wrote, and his dry, deductive style became the model for economics as a science. It is available to read online in your browser on Vinteuil, with the first chapter free.

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