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On the Principles of Political Economy and Taxation
David Ricardo · Passages from the same work, in order.
On the Principles of Political Economy and Taxation, Excerpt 181
In speaking of the exchange and the comparative value of money in different countries, we must not in the least refer to the value of money estimated…
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On the Principles of Political Economy and Taxation, Excerpt 182
To this standard we must conform till the law is changed, and till some other commodity is discovered, by the use of which we shall obtain a more…
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On the Principles of Political Economy and Taxation, Excerpt 183
Taxes are a portion of the produce of the land and labour of a country, placed at the disposal of the government; and are always ultimately paid,…
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On the Principles of Political Economy and Taxation, Excerpt 184
We have already shewn how the capital of a country is either fixed or circulating, according as it is of a more or of a less durable nature. It is…
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On the Principles of Political Economy and Taxation, Excerpt 185
When the annual productions of a country exceed its annual consumption, it is said to increase its capital; when its annual consumption at least is…
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On the Principles of Political Economy and Taxation, Excerpt 186
If the consumption of the government, when increased by the levy of additional taxes, be met either by an increased production, or by a diminished…
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On the Principles of Political Economy and Taxation, Excerpt 187
In proportion as the capital of a country is diminished, its productions will be necessarily diminished; and therefore, if the same expenditure on…
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On the Principles of Political Economy and Taxation, Excerpt 188
Notwithstanding the immense expenditure of the English government during the last twenty years, there can be little doubt but that the increased…
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On the Principles of Political Economy and Taxation, Excerpt 189
For the proof of this we might refer to the increase of population--to the extension of agriculture--to the increase of shipping and manufactures--to…
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On the Principles of Political Economy and Taxation, Excerpt 190
There are no taxes which have not a tendency to impede accumulation, because there are none which may not be considered as checking production, and…
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On the Principles of Political Economy and Taxation, Excerpt 191
The desire which every man has to keep his station in life, and to maintain his wealth at the height which it has once attained, occasions most taxes…
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On the Principles of Political Economy and Taxation, Excerpt 192
In England this policy has been neglected, in taxing the probates of wills, in the legacy duty, and in all taxes affecting the transference of…
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On the Principles of Political Economy and Taxation, Excerpt 193
But this is not the only objection to taxes on the transference of property; they prevent the national capital from being distributed in the way most…
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On the Principles of Political Economy and Taxation, Excerpt 194
Having in a former part of this work established, I hope satisfactorily, the principle, that the price of corn is regulated by the cost of its…
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On the Principles of Political Economy and Taxation, Excerpt 195
If the price of raw produce did not rise so as to compensate the cultivator for the tax, he would naturally quit a trade where his profits were…
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On the Principles of Political Economy and Taxation, Excerpt 196
A rise of price is the only means by which he could pay the tax, and continue to derive the usual and general profits from this employment of his…
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On the Principles of Political Economy and Taxation, Excerpt 197
A tax on raw produce would not be paid by the landlord; it would not be paid by the farmer; but it would be paid, in an increased price, by the…
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On the Principles of Political Economy and Taxation, Excerpt 198
Rent, it should be remembered, is the difference between the produce obtained by equal portions of labour and capital employed on land of the same or…
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On the Principles of Political Economy and Taxation, Excerpt 199
In the case of a tax on raw produce, of a land tax, or tithes, the corn rent of land will vary, while the money rent will remain as before.
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On the Principles of Political Economy and Taxation, Excerpt 200
Suppose a tax of 8_s._ per quarter to be imposed on corn; then the price would rise to 4_l._ 8_s._; and if the landlords obtained the same corn…
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On the Principles of Political Economy and Taxation, Excerpt 201
The money rent of No. 1 would continue to be 80_l._, or the difference between 640 and 720_l._; and that of No. 2, 40_l._, or the difference…
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On the Principles of Political Economy and Taxation, Excerpt 202
A tax, however, on raw produce, and on the necessaries of the labourer, would have another effect--it would raise wages. From the effect of the…
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On the Principles of Political Economy and Taxation, Excerpt 203
1st. It would raise the price of raw produce by a sum equal to the tax, and would therefore fall on each consumer in proportion to his consumption.
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On the Principles of Political Economy and Taxation, Excerpt 204
1st. That by raising the wages of labour, and lowering profits, it is an unequal tax, as it affects the income of the farmer, trader, and…
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On the Principles of Political Economy and Taxation, Excerpt 205
2dly. That there would be a considerable interval between the rise in the price of corn and the rise of wages, during which much distress would be…
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On the Principles of Political Economy and Taxation, Excerpt 206
3rdly. That raising wages and lowering profits is a discouragement to accumulation, and acts in the same way as a natural poverty of soil.
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On the Principles of Political Economy and Taxation, Excerpt 207
4thly. That by raising the price of raw produce, the prices of all commodities into which raw produce enters, would be raised, and that therefore…
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On the Principles of Political Economy and Taxation, Excerpt 208
With respect to the first objection, that by raising the wages of labour and lowering profits it acts unequally, as it affects the income of the…
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On the Principles of Political Economy and Taxation, Excerpt 209
With respect to the second objection, that there would be a considerable interval between the rise of the price of corn and the rise of wages, during…
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On the Principles of Political Economy and Taxation, Excerpt 210
These four causes have not been sufficiently distinguished and separated by those who have inquired into the influence of a high price of necessaries…
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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…
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On the Principles of Political Economy and Taxation, Excerpt 212
Taxation under every form presents but a choice of evils; if it does not act on profit, it must act on expenditure; and provided the burden be…
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On the Principles of Political Economy and Taxation, Excerpt 213
From taxes on expenditure a miser may escape; he may have an income of 10,000 per annum, and expend only 300_l._; but from taxes on profits,…
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On the Principles of Political Economy and Taxation, Excerpt 214
If a country is insulated from all others, having no commerce with any of its neighbours, it can in no way shift any portion of its taxes from itself…
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On the Principles of Political Economy and Taxation, Excerpt 215
The fourth and last objection which remains to be noticed is: That by raising the price of raw produce, the prices of all commodities into which…
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On the Principles of Political Economy and Taxation, Excerpt 216
The probable effect of a tax on raw produce would be to raise the price of all commodities in which raw produce entered, but not in any degree…
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On the Principles of Political Economy and Taxation, Excerpt 217
Although then the rise in the price of most of our own commodities, would for a time check exportation generally, and might permanently prevent the…
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On the Principles of Political Economy and Taxation, Excerpt 218
A tax on rent would affect rent only; it would fall wholly on landlords, and could not be shifted to any class of consumers. The landlord could not…
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On the Principles of Political Economy and Taxation, Excerpt 219
Tithes are a tax on the gross produce of the land, and, like taxes on raw produce, fall wholly on the consumer. They differ from a tax on rent,…
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On the Principles of Political Economy and Taxation, Excerpt 220
If land of the last quality, or that which pays no rent, and which regulates the price of corn, yield a sufficient quantity to give the farmer the…
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On the Principles of Political Economy and Taxation, Excerpt 221
The only difference between tithes and taxes on raw produce, is, that one is a variable money tax, the other a fixed money tax. In a stationary state…
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On the Principles of Political Economy and Taxation, Excerpt 222
The chief objection against tithes is, that they are not a permanent and fixed tax, but increase in value, in proportion as the difficulty of…
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On the Principles of Political Economy and Taxation, Excerpt 223
Tithes however may be considered as injurious to landlords, inasmuch as they act as a bounty on importation, by taxing the growth of home corn, while…
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On the Principles of Political Economy and Taxation, Excerpt 224
If the trade of cloth were left perfectly free, our manufacturers might be able to sell cloth cheaper than we could import it. If a tax were laid…
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On the Principles of Political Economy and Taxation, Excerpt 225
1. "The subjects of every state ought to contribute towards the support of the Government, as nearly as possible in proportion to their respective…
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On the Principles of Political Economy and Taxation, Excerpt 226
Dr. Smith's view of this subject is probably the reason why he has described "the tithe, and every other land-tax of this kind, under the…
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On the Principles of Political Economy and Taxation, Excerpt 227
This may be considered indeed as the unavoidable disadvantage attending all taxes received and expended by the state. Every new tax becomes a new…
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On the Principles of Political Economy and Taxation, Excerpt 228
"A land-tax," says Adam Smith, "which like that of Great Britain, is assessed upon each district according to a certain invariable canon, though it…
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On the Principles of Political Economy and Taxation, Excerpt 229
"Without doubt this would be a great encouragement given to manufactures and trade; but would it be just? Could not their advancement be obtained…
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On the Principles of Political Economy and Taxation, Excerpt 230
If Mr. Say's suggestion were followed, and the state were to claim the fifth part of the augmented income of the farmer, it would be a partial tax,…
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On the Principles of Political Economy and Taxation, Excerpt 231
If no tax whatever had been laid on the land, and the same sum had been raised by any other means, agriculture would have flourished at least as well…
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On the Principles of Political Economy and Taxation, Excerpt 232
"A law ordains that a twelfth of the produce of all the fruits of the earth be levied in kind, whatever they may be. From the first is taken in…
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On the Principles of Political Economy and Taxation, Excerpt 233
M. Say's error in the above passage lies in supposing that because the value of the produce of one of these two farms, after re-instating the capital…
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On the Principles of Political Economy and Taxation, Excerpt 234
This perhaps would be more particularly the case with respect to a metal used for money, than any other commodity, because the demand for money is…
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On the Principles of Political Economy and Taxation, Excerpt 235
If in consequence of the tax, only one tenth of the present quantity of gold were obtained from the mines, that tenth would be of equal value with…
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On the Principles of Political Economy and Taxation, Excerpt 236
A tax on raw produce from the surface of the earth, will, as we have seen, fall on the consumer, and will in no way affect rent; unless, by…
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On the Principles of Political Economy and Taxation, Excerpt 237
Of the 7000 received by the king, the people of Spain would contribute only 1400, and 5600 would be pure gain, effected by the liberated capital.
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On the Principles of Political Economy and Taxation, Excerpt 238
There are also other commodities besides gold which cannot be speedily reduced in quantity; any tax on which will therefore fall on the proprietor,…
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On the Principles of Political Economy and Taxation, Excerpt 239
Taxes on houses are of this description; though laid on the occupier, they will frequently fall by a diminution of rent on the landlord. The…
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On the Principles of Political Economy and Taxation, Excerpt 240
If the tax be moderate, and the circumstances of the country such, that it is either stationary or advancing, there would be little motive for the…
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