Item description for The Principles of Political Economy and Taxation by David Ricardo...
Written in 1817, this famous treatise lays the groundwork for the principles of the market economy. It established the guiding ideas behind the economic concepts of diminishing returns and economic rent. As a leading master of economic principles of his time, Ricardo developed the theories now identified as distribution theory and international trade theory, or comparative advantage.
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Est. Packaging Dimensions: Length: 8.1" Width: 5.84" Height: 0.72" Weight: 0.88 lbs.
Release Date Jul 1, 2002
Publisher Janus Publishing Company
ISBN 1902835158 ISBN13 9781902835150
Availability 0 units.
More About David Ricardo
Ricardo became a stockbroker at the age of 21 and slowly became a recognized economic scholar in England. Though he retired at 42, he spent the following years of his life concentrating on his writing and research.
Reviews - What do customers think about The Principles of Political Economy and Taxation?
Redirecting Classical Economics May 20, 2008
David Ricardo played a crucial role in developing Classical Economics. Ricardo was prompted to write on economics by reading The Wealth of Nations. As luck would have it, Ricardo knew James Mill (father of JS Mill) and was soon in contact with TR Malthus. The debates between Ricardo and Malthus produced a paradigm that lasted only a half a century. PPE+T is a central part of the Classical paradigm, it is Ricardo's definitive statement on economics.
PPE+T is perhaps the most tightly reasoned book written by a Classical economists (JS Mill is a close rival here). This is not fun reading but it is important as a piece of history, and elements of Ricardo's analysis remain relevant today. Given Ricardo's razor sharp intellect, one must wonder why he did not develop modern value theory himself. The tight reasoning of this book is, ironically, the source of much criticism against it. Joseph Schumpeter (among others) has lamented `the Ricardian vice', by which Ricardo arrived at policy conclusions through flawless but restrictive logical reasoning. Ricardo is hard to argue against, given his assumptions, but what if we alter these assumptions?
While Classical Economics is dead, some of its Ricardian elements live on. The Principles of Political Economy and Taxation remains relevant today largely because of Ricardo's concept of Comparative Advantage. Comparative Advantage is one of the most enduring ideas in economics. The development of the Comparative Advantage concept set Ricardo ahead of all but a few of his contemporaries. Economists still speak of Ricardian Equivalence and The Ricardo Effect. While some might object Ricardo's logical-deductive approach to political economy, few economists have stood the test of time so well. PPE+T is a timeless classic. This is not fun reading, but it is important none the less.
Is it over yet? Jan 21, 2006
I don't want to insult Ricardo. He was unequivocally brilliant. But this book was painful to read. Granted, I am not an economist, so maybe this just wasn't for me. I found it dry and devoid of all emotion. I understand that it is intended to educate and to promote an economic theory, not to entertain, but God man, show your readers some mercy! I am a firm believer that if a book is too boring to read, the author's message will never get out, regardless of its merits.
Principles of Political Economy and Taxation by Ricardo Oct 28, 2003
This work is a masterpiece of economic theory only second to the Wealth of Nations by Adam Smith. Ricardo states that value is a function of effort and not the price paid for labor. He reminded us that labor plus the tools to assist labor affected the creation of value. Therefore; increases in value were in direct proportion to increments in labor. Value was also a function of the time it took to bring the goods to market. Surprisingly, the cultivation of inferior land resulted in a
higher exchangeable value of raw produce because more labor was required in its production. If we become more efficient in land cultivation, rents will go down because more can be cultivated with less land. In addition, the exchangeable value of commodities is undisturbed by natural or accidental causes. Laborers derive their greatest pleasure when the market price of labor exceeds the natural price. Therefore; wages will increase in response to increases in the demand for labor. Rises in rent are accompanied by increments in the share of produce because landlords want more rent when harvests are greater. Accordingly, the price of corn is a function of the labor to produce it. If wages go down, then prices must fall. As the price of labor goes down, profits increase but the price of the commodity may not go down. Taxes on profits tend to increase the price of a commodity . If money is not taxed, then all commodities will be subject to price increases. Ultimately, a tax on land begets a tax on produce. In addition, a tax on labor will raise its price. In addition, the price of provisions determine the price paid to the worker. If money decreases in value, all commodities will be subject to steep price increases. This was seen in modern times with the fluctuation of the Russian currency. Ultimately, bounty lowers the price to foreigners because the government subsidizes the bounty paid to the local merchants to stimulate trade. The theory of rent transfers value but does not create it. Ultimately, wages are determined by the price of food and cost of production.
This theory of wages differs from Adam Smith who said that wages were a function of the ease or hardship to do work, the difficulty or expense of learning a trade, the constancy of employment, the trust reposed in the workmen, the probability of success or failure of the venture or the fear of misfortune. David Ricardo's work is an important milestone in the theory of economics and comparison to the work of Adam Smith.
Told the truth Aug 18, 2003
David Ricardo was never one to mince words. "The opinion entertained by the labouring class, that the employment of machinery in frequently detrimental to their interests, is not founded on prejudice and error, but is comfortable to the correct principles of political economy." Unlike today, the ruling class and their intellectuals of the 19th Century were not affraid to say what they were up to.
Divers Typos Mar 4, 2003
The publisher should be convinced that the automatic spell checker should not be so heavily relied upon. The cover art is an expression of how an armchair graphic artist can be innovative with Photoshop. If a book of such high esteem be put out for public enrichment its presentation should not be so insincere.