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- On the Principles of Political Economy and Taxation
- On The Principles of Political Economy and Taxation
- David Ricardo
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On the Principles of Political Economy and Taxation
It also presents the theory of comparative advantage , the theory that free trade between two or more countries can be mutually beneficial, even when one country has an absolute advantage over the other countries in all areas of production. During the Napoleonic Wars, Ricardo grew weary of the Corn Laws, a tax imposed on wheat by the British that made it impossible to import wheat from the rest of Europe. In his argument, for what is now free trade, Ricardo highlights the idea that if a country can get a good from another country at a lower cost, it would behoove a country to source that item from the cheaper producing country than to produce the good locally. It would therefore be advantageous for her to export wine in exchange for cloth. This allow countries with an absolute advantage in multiple goods, or with no absolute advantage at all, to still benefit from international trade.
The brilliant British economist David Ricardo was one the most important figures in the development of economic theory. He articulated and rigorously formulated the " Classical" system of political economy. The legacy of Ricardo dominated economic thinking throughout the 19th Century. David Ricardo's family was descended from Iberian Jews who had fled to Holland during a wave of persecutions in the early 18th Century. His father, a stockbroker, emigrated to England shortly before Ricardo's birth in
The brilliant British economist David Ricardo was one the most important figures in the development of economic theory. He articulated and rigorously formulated the " Classical" system of political economy. The legacy of Ricardo dominated economic thinking throughout most of the 19th Century. David Ricardo's family was descended from Portuguese Jews who had fled to Holland during a wave of persecutions in the early 18th Century. His father, Abraham Israel Ricardo, was a Dutch-born stockbroker in Amsterdam who emigrated to London, England around to trade British funds on behalf of Dutch clients. It was after arrival in London when the long-time family surname "Israel Ricardo" became simply reduced to "Ricardo". Abraham rose to prominence in the City of London, holding one of the twelve brokerships open to Jews on the London Stock Exchange.
On The Principles of Political Economy and Taxation
A comprehensive, readable comparison of the three editions can be found Works of David Ricardo, Vol. Dobb, Cambridge: Cambridge University Press, We are indebted to this fine work and have relied on it to correct occasional typographical misprints in the edition. The text of this edition is in the public domain. Samuels Portrait Collection at Duke University. The produce of the earth—all that is derived from its surface by the united application of labour, machinery, and capital, is divided among three classes of the community; namely, the proprietor of the land, the owner of the stock or capital necessary for its cultivation, and the labourers by whose industry it is cultivated. But in different stages of society, the proportions of the whole produce of the earth which will be allotted to each of these classes, under the names of rent, profit, and wages, will be essentially different; depending mainly on the actual fertility of the soil, on the accumulation of capital and population, and on the skill, ingenuity, and instruments employed in agriculture.
Cambridge Core - Economic History - On the Principles of Political Economy, and Taxation. David Ricardo. Publisher: Cambridge University Access. PDF; Export citation XV - Taxes on other Commodities than Raw Produce. pp
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