The principles of political economy and taxation
David Ricardo's seminal work, "On the Principles of Political Economy and Taxation," first published in 1817, is a foundational text in classical economics. In this comprehensive analysis, Ricardo examines the distribution of wealth among three primary societal classes: landlords, capitalists, and laborers. He introduces the labor theory of value, positing that the value of commodities is determined by the labor required for their production. A significant contribution of the book is the theory of comparative advantage, which argues that nations should specialize in producing goods where they have a lower opportunity cost, thereby benefiting from international trade. Ricardo also delves into the dynamics of rent, wages, and profits, exploring how these factors influence economic distribution and growth. His insights have profoundly influenced economic thought, laying the groundwork for modern economic theory and policy
Print Book, English, ©2004
Dover Publications, Mineola, N.Y., ©2004