Principles of Political Economy and Taxation

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"Principles of Political Economy and Taxation" is Ricardo's most famous work and contains his main economic ideas. This set out a series of theories which would later become theoretical underpinnings of both Marx's Das Kapital and Marshallian economics, including the theory of rent, the labour theory of value and above all the theory of comparative advantage. Though David Ricardo was of the 19th century, many people use his work in everyday economics. Ricardo's theory on rent consisted mostly of an agricultural model featuring farmers and landowners. Ricardo also had another influential theory: minimum wages. His theory of minimum wage is especially true today when looking at the controversy with the enforcement of a minimum wage law. Other theories are about value of money, rent, trade, protectionism, profit, international trade, commerce, commodities and business in general.
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November 21, 2011
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576.56 KB
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