David Ricardo：On the Principles of Political Economy and Taxation, Excerpt 283

The corn and raw produce of a country, may indeed for a time sell at a monopoly price; but they can do so permanently only when no more capital can be profitably employed on the lands, and when, therefore, their produce cannot be increased. At such time, every portion of land in cultivation, and every portion of capital employed on the land will yield a rent, differing indeed in proportion to the difference in the return. At such a time too, any tax which may be imposed on the farmer, will fall on rent, and not on the consumer. He cannot raise the price of his corn, because, by the supposition, it is already at the highest price at which the purchasers will or can buy it. He will not be satisfied with a lower rate of profits, than that obtained by other capitalists, and, therefore, his only alternative will be to obtain a reduction of rent, or to quit his employment.

Source： https://www.gutenberg.org/ebooks/33310
Locator：Excerpt 283 · Verified：2026-10-19 · Verification：Short excerpt

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