The Principles of Political Economy and Taxation (Dover Value Editions)

This landmark treatise of 1817 formulated the guiding principles behind the market economy. Author David Ricardo, with Adam Smith, founded the "classical" system of political economy, a school of thought that dominated economic policies throughout the nineteenth century and figured prominently in the theories of John Stuart Mill and Karl Marx. A friend and colleague of James Mill, Thomas Malthus, and Jeremy Bentham — each of whom exercised a decided influence on his intellectual development — Ricardo elevated economic theory to hitherto unprecedented levels of sophistication. His clear and consistent definition of the classical system included the foundation of the tenets of diminishing returns and economic rent, which led to the doctrines known today as distribution theory and international trade theory, or comparative advantage. The Ricardian system continues to influence and inform modern economic thought, and The Principles of Political Economy and Taxation is essential reading for students of the social sciences. This landmark treatise of 1817 formulated the guiding principles behind the market economy. Author David Ricardo, with Adam Smith, founded the "classical" system of political economy, a school of thought that dominated economic policies throughout the nineteenth century and figured prominently in the theories of John Stuart Mill and Karl Marx. Its foundation of the tenets of diminishing returns and economic rent led to the doctrines known today as distribution theory and international trade theory, and the Ricardian system continues to influence and inform modern economic thought David Ricardo (1772-1823), the founder of the classical school of economics, applied the deductive logic of the philosopher James Mill to the analysis of monetary principles. His chief work, Principles of Political Economy and Taxation, first published in 1817, had a profound impact and remains one of the groundworks of modern economics. Ricardo's labor theory of value, as well as his elaboration of the division of incomes, and the function of wages, rent, and trade, deeply influenced the economic philosophies of Karl Marx, John Stuart Mill, Alfred Marshall, and many others.

this Landmark Treatise Of 1817 Formulated The Guiding Principles Behind The Market Economy. Author Ricardo, With Adam Smith, Founded The Classical System Of Political Economy, A School Of Thought That Dominated Economic Policies Throughout The 19th Century And Figured Prominently In The Theories Of John Stuart Mill And Karl Marx.