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    David Ricardo Summary

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    iraangeles4
    1. The document discusses David Ricardo's principles of political economy and taxation. It addresses cases where the market price is above or below the natural price and the resulting economic conditions. 2. When market price is below natural price, the status is wretched and demand for labor decreases. When market price exceeds natural price, the status is flourishing and demand for commodities and wages increases. 3. The document also discusses factors that influence natural price such as population increases, technological improvements, division of labor, and skills. It examines issues of land productivity and rent under conditions of increased population.

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    David Ricardo Summary

    Uploaded by

    iraangeles4
    27 views1 page
    1. The document discusses David Ricardo's principles of political economy and taxation. It addresses cases where the market price is above or below the natural price and the resulting economic conditions. 2. When market price is below natural price, the status is wretched and demand for labor decreases. When market price exceeds natural price, the status is flourishing and demand for commodities and wages increases. 3. The document also discusses factors that influence natural price such as population increases, technological improvements, division of labor, and skills. It examines issues of land productivity and rent under conditions of increased population.

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    1. The document discusses David Ricardo's principles of political economy and taxation. It addresses cases where the market price is above or below the natural price and the resulting economic conditions. 2. When market price is below natural price, the status is wretched and demand for labor decreases. When market price exceeds natural price, the status is flourishing and demand for commodities and wages increases. 3. The document also discusses factors that influence natural price such as population increases, technological improvements, division of labor, and skills. It examines issues of land productivity and rent under conditions of increased population.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    27 views1 page

    David Ricardo Summary

    Uploaded by

    iraangeles4
    1. The document discusses David Ricardo's principles of political economy and taxation. It addresses cases where the market price is above or below the natural price and the resulting economic conditions. 2. When market price is below natural price, the status is wretched and demand for labor decreases. When market price exceeds natural price, the status is flourishing and demand for commodities and wages increases. 3. The document also discusses factors that influence natural price such as population increases, technological improvements, division of labor, and skills. It examines issues of land productivity and rent under conditions of increased population.

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    © All Rights Reserved
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    1.

    Market price is below


    Case 1 – quan6ty and value natural price
    go up Capital
    - Status: wretched
    - Natural price goes up - Food 2. Market exceeds natural - Demand for labor
    Case 2 – quan6ty go up and - Clothing price increases
    value down - Tools - Status: flourishing - Laborers are in
    - Improved condi(on - Machinery - Command for more moderate comfort
    - Increased wages - Raw materials commodi(es
    - Wage is higher than Main Concern
    Both Cases Capitalists and Capital equilibrium • What is the reason for the
    - MP>NP
    varia(on of rate of profit and
    Types of Rent David Ricardo – On the Principles of the consequent altera(ons
    • Differen(al rent Poli6cal Economy and Taxa6on of interest rate?
    • rent
    Prices of Labor Increased popula6on case Prices of Manufactured Commodi6es
    Theory of Compara6ve Advantage • Natural – based • Demand for food will go up making - Down
    • Efficiency on commodi(es land less produc(ve Prices of Raw Produce
    • Costs • Market – based • Total product goes up but average - Up
    on supply and product goes down
    Value of Commodi6es demand • Only landlords are happy
    depend on • Government will have to step in
    • Stock Bad Government
    • Labor • Insecurity of Causes of natural price going up
    property • Wealth
    • Want of • Popula(on
    educa(on in all • Improvements in machinery
    levels
    • BeMer division of labor
    • Skills in science

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