David Ricardo：On the Principles of Political Economy and Taxation, Excerpt 280

The taxing of all commodities, whether they be necessaries or luxuries, will, while money remains at an unaltered value, raise their prices by a sum at least equal to the tax.[19] A tax on the manufactured necessaries of the labourer would have the same effect on wages as a tax on corn, which differs from other necessaries only by being the first and most important on the list; and it would produce precisely the same effects on the profits of stock and foreign trade. But a tax on luxuries would have no other effect than to raise their price. It would fall wholly on the consumer, and could neither increase wages, nor lower profits.

Source： https://www.gutenberg.org/ebooks/33310
Locator：Excerpt 280 · Verified：2026-10-19 · Verification：Short excerpt

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