The Principles of Political Economy, and Taxation
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10 hours 4 minutes
'The Principles of Political Economy, and Taxation' is a book written by David Ricardo, a British economist who lived from 1772 to 1823. First published in 1817, the book is considered a landmark in the development of classical economics, and is one of the most influential works in the field.
In the book, Ricardo lays out his theories of economic rent, labor value, and comparative advantage. He argues that economic rent, which is the difference between the value of a resource and its production cost, is the main source of wealth in an economy. He also discusses the relationship between labor and value, and how labor contributes to the creation of wealth.
Ricardo's most famous contribution to economics is his theory of comparative advantage, which argues that countries should specialize in producing goods for which they have a comparative advantage, even if they could produce other goods more efficiently. This theory has had a profound impact on international trade policy.
'The Principles of Political Economy, and Taxation' was controversial in its time, and Ricardo's ideas were met with criticism and opposition. However, his work has had a lasting impact on the field of economics, and is still studied and debated today.
Business & Economics
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