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The Principles of Political Economy and Taxation, by David Ricardo, Introduction by R.N. Ghosh
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David Ricardo is credited with synthesizing economics in the 19th century. Though some of Ricardos theories have been modified and superseded, his foundational role in the development of economics is widely acknowledged.
His famous book appeared under the title On the Principles of Political Economy and Taxation in 1817 and had three editions before his death in 1823.
In the Preface of the Principles, Ricardo clearly stated the three major objectives of the book. First, to determine the laws which regulate the distribution of national product among three social classes: workers as wages, rentiers as rent and capitalists as profit. Secondly, to see how economic progress would affect the relative distributive shares in a capitalist economy. Thirdly, it aimed at observing the effects of taxation on different social and economic classes, viz. landlords, workers and capitalists.
No other book dominated the economic thought of the times and beyond as did Ricardos Principles. It has given concepts like the Theory of Rent, which was the first clear exposition of the source and magnitude of land rents and is among the most important and firmly established principles of economics; and the Theory of Comparative Advantage which became an integral part of neoclassical trade theory and is the basis for most economists belief in free trade today. The book uses the Law of Diminishing Returns developed by Ricardo in one of his earlier works, to underpin his elaborate economic system. Ricardos theories and views on Value, Distribution, Wages, Profits, Foreign Trade, Taxes and Fiscal Equivalence are the milestones of economic thought.
This reprint of the book with a comprehensive Introduction has been brought to help the students, teachers and researchers of Economics in their academic pursuits, and for the economists to delve deeply into the subject and draw valuable conclusions for future progress of society.
- Sales Rank: #8328461 in Books
- Published on: 2010-02-15
- Original language: English
- Dimensions: .0" h x .0" w x .0" l, 1.25 pounds
- Binding: Hardcover
- 392 pages
About the Author
David Ricardo was born, of Jewish parents, on 18 April 1772. His interest in economics developed rather late, at the age of 29 after reading Adam Smiths The Wealth of Nations. Ricardos subsequent friendship with two of the leading economists at that timeJames Mill and T.R. Malthusfurther stimulated his interest in the science of economics. Besides The Principles of Political Economy and Taxation, Ricardo published four monographs/pamphlets: (1) The High Price of Bullion: A Proof of the Depreciation of Bank Notes (1810); (2) Reply to Mr. Bosanquets Practical Observations on the Report of the Bullion Committee (1811); (3) An Essay on the Influence of a Low Price of Corn on the Profits of Stock (1815); and (4) Proposals for an Economical and Secure Currency. (1816). Ricardo was a member of the British Parliament and he was much respected because of his eminence as an economist. Ricardian economics dominated mainstream economic thinking in England for almost the whole of 19th century. As John Maynard Keynes put it in his General Theroy (1936), Ricardo conquered England as completely as the Holy Inquisition conquered Spain.
R.N. Ghosh is currently a Senior Honorary Research Fellow at the University of Western Australia in Perth, Australia. He is a specialist in the history of economic thought. In recent years he has also published on topics relating to a wide range of development issues such as good governance, corruption, gender issues, the environment, and the role of tourism in economic change. He is the current chairman of the International Institute for Development Studies (IIDS-Australia). Professor Ghosh has recently published with Atlantic Publishers and Distributors, a South Asian reprint of Adam Smiths The Wealth of Nations. A prolific writer, he has contributed papers in a wide range of scholarly international journals.
Most helpful customer reviews
30 of 34 people found the following review helpful.
A worthy read into the origins of the political economy
By A Customer
The ideas put forward by Ricardo in this book challenges some of the ideas presented by Adam Smith in the Wealth of Nations, particularly in the principles of economic rent. Ricardo also revealed interesting insights on the subject of value in chapter 1.
To understand the text fully,it would be advisable to have read Adam Smith's Wealth of Nations, another book in the Great Minds Series, which I had also painfully digested.
Like other books in the Great Mind's series, have a good cup of coffee ready. It is a very challenging and difficult read. Nevertheless, it is a worthwhile read for those serious in understanding the foundations of the present economic systems.
38 of 46 people found the following review helpful.
Raw Intelligence
By Skip Church
Some authors you read, and perhaps think, "I wish I'd written that!" Ricardo, like Adam Smith and John Locke, are in another league altogether. The originality of mind is stunning. Smith, Mill, Malthus and J.B. Say are all more readable, which I fear sounds like a very poor recommendation for Ricardo! Still, I was so bowled over by the originality of his theoretical line, that I forgave much slow slogging through a difficult text. His theory of rent is I think quite misguided, but is so powerfully presented that I was hard put to think how I might argue against it were Ricardo to appear before me in person. I took this book about ten pages at a time, and found it well worth the trouble.
15 of 17 people found the following review helpful.
A must for the student of Social Sciences
By Roberto P. De Ferraz
Along with Adam Smith, the Englishman David Ricardo is one of the fathers of the so-called Classics school of economic thought, and the Principles is his major opus, one he was very much reluctant to write, but only did so at the urgings of James Mill and his son John. Written in the first half of the 19th victorian century, he was nonetheless, a very freed mind, who did not accept or indulge in the extravagancies of the beginning of the industrialization proccess in England. To David Ricardo, Karl Marx owes a good share of his theory of labour, something essential in the labour movements of then. The concepts adapted and created by David Ricardo is transported to the text in a dry and concise style, not too much worried in polemics, but only interested in address the topics he raises in a very precise way. IF you are a student of Social Sciences, this book is a must.
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