David Ricardo：On the Principles of Political Economy and Taxation, Excerpt 211

With respect to the third objection against taxes on raw produce, namely, that the raising wages, and lowering profits, is a discouragement to accumulation, and acts in the same way as a natural poverty of soil; I have endeavoured to shew in another part of this work that savings may be as effectually made from expenditure as from production; from a reduction in the value of commodities, as from a rise in the rate of profits. By increasing my profits from 1000_l._ to 1200_l._, whilst prices continue the same, my power of increasing my capital by savings is increased but it is not increased so much as it would be if my profits continued as before, whilst commodities were so lowered in price, that 800_l._ would procure me as much as 1000_l._ purchased before.

Source： https://www.gutenberg.org/ebooks/33310
Locator：Excerpt 211 · Verified：2026-10-19 · Verification：Short excerpt

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