The Principles of Political Economy and Taxation (David Ricardo)

"The Principles of Political Economy and Taxation" by David Ricardo analyzes how economies function, especially regarding supply, demand, and value. He introduces concepts like comparative advantage, explaining why countries benefit from specializing in certain goods and trading. Ricardo also discusses how rent (income from land), wages, and profits are determined, emphasizing that land scarcity affects rent and prices. His work highlights that market prices are influenced by production costs and the relative productivity of resources, providing a foundational understanding of how markets operate, international trade, and taxation impacts within an economy.