The Principles of Political Economy and Taxation

"The Principles of Political Economy and Taxation," written by David Ricardo in 1817, explores how economies function and how wealth is distributed. It emphasizes the role of land, labor, and capital in production, arguing that the value of goods is determined by labor input. Ricardo discusses the importance of comparative advantage in trade, suggesting that countries can benefit by specializing in what they produce best. The work also examines taxation, advocating for taxes that encourage production without discouraging economic growth, ultimately aiming for a fair distribution of resources while enhancing overall societal welfare.