投资 · 西方古典
大卫·李嘉图:政治经济学及赋税原理·摘录 130
大卫·李嘉图《政治经济学及赋税原理》· On the Principles of Political Economy and Taxation · 投资
But the _rate_ of profits will fall still more, because the capital of the farmer, it must be recollected, consists in a great measure of raw produce, such as his corn and hay-ricks, his unthreshed wheat and barley, his horses and cows, which would all rise in price in consequence of the rise of produce. His absolute profits would fall from 480_l._ to 445_l._ 15_s._; but if from the cause which I have just stated, his capital should rise from 3000_l._ to 3200_l._ the rate of his profits would, when corn was at 5_l._ 2_s._ 10_d._, be under 14 per cent.
出处:
https://www.gutenberg.org/ebooks/33310
定位:Excerpt 130 · 核对日期:2026-10-19 · 核验:短摘录
白话
利润率下降得更多,因为农场主的资本很大一部分是农产品,比如干草堆、未脱粒的谷物、马和牛,这些都会随农产品涨价而升值。所以他的资本从3000镑涨到3200镑,而绝对利润从480镑降到445镑15先令,利润率就不到14%了。这说明,农产品涨价不仅减少利润,还让资本本身变贵,双重打击利润率。
上下文
李嘉图进一步分析,农产品涨价会重估农场主的资本,从而加速利润率下降。
今日一问
通货膨胀时,你的资产和存货价值会上升,这对你的实际回报率有什么影响?
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