On The Principles of Political Economy, and TaxationRicardo, David
General
On The Principles of Political Economy, and Taxation
Ricardo, David
Economics
"Such parts only of the produce of land," says Adam Smith, "can commonly
be brought to market, of which the ordinary price is sufficient to
replace the stock which must be employed in bringing them thither,
together with its ordinary profits. If the ordinary price is more than
this, the surplus part of it will naturally go to the rent of land. _If
it is not more, though the commodity can be brought to market, it can
afford no rent to the landlord._ Whether the price is, or is not more,
depends upon the demand."
This passage would naturally lead the reader to conclude that its author
could not have mistaken the nature of rent, and that he must have seen
that the quality of land which the exigencies of society might require
to be taken into cultivation would depend on "_the ordinary price of its
produce," whether it were "sufficient to replace the stock, which must
be employed in cultivating it, together with its ordinary profits_."
But he had adopted the notion that "there were some parts of the produce
of land for which the demand must always be such as to afford a greater
price than what is sufficient to bring them to market;" and he
considered food as one of those parts.
He says, that "land, in almost any situation, produces a greater
quantity of food than what is sufficient to maintain all the labour
necessary for bringing it to market, in the most liberal way in which
that labour is ever maintained. The surplus too is always more than
sufficient to replace the stock which employed that labour, together
with its profits. Something, therefore, always remains for a rent to the
landlord."
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account