The Principles of Political Economy and Taxation |
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Common terms and phrases
abundance accumulation Adam Smith additional advantage agriculture alteration amount bounty Buchanan capital employed cause cent circulating capital circumstances cloth compared consequence consumer cost of production cultivation diminished diminution dities duce duction durability effect employment England equal exchangeable value expended exportation farmer fertile fixed capital foreign trade funds gold greater quantity importance improvements income increase interest labour necessary landlord less labour less quantity lower machinery manufacturer market price ment modities money price natural price obtain paid pays no rent Physiocratic population portion Portugal price of commodities price of corn price of labour price of raw principle profits of stock proportion purchase quantity of labour quarters raise the price rate of profits raw produce regulated relative value revenue Ricardo rich rise of wages says sell silver supply suppose taxation things tion tithes value of commodities value of money variation wages of labour wealth wheat whilst whole wine
Popular passages
Page 162 - The subjects of every state ought to contribute towards the support of the government, as nearly as possible in proportion to their respective abilities. 2. " The tax which each individual is bound to pay ought to be certain and not arbitrary.
Page 162 - towards the support of the government, as nearly as possible in proportion to their respective abilities. 2. " The tax which each individual is bound to pay ought to be certain and not arbitrary. 3. " Every tax ought to be levied at the time, or in the manner in which it is most likely to be convenient for the contributor to pay it.
Page 5 - CHAPTER I.—ON VALUE. SECTION I. The value of a commodity, or the quantity of any other commodity for which it will exchange, depends on the relative quantity of labour which is necessary for its production, and not on the greater or less compensation which is paid for that labour.
Page 47 - in the progress of society, land of the second degree of fertility is taken into cultivation, rent immediately commences on that of the first quality, and the amount of that rent will depend on the difference in the quality of these two portions of land. When land of the third quality is
Page 114 - powers bestowed by nature, it distributes labour most effectively and most economically: while, by increasing the general mass of productions, it diffuses general benefit, and binds together by one common tie of interest and intercourse, the universal society of nations throughout the civilized world. It is this principle which determines that wine shall be made in
Page 279 - again for ourselves. But this opinion of Adam Smith is at variance with all his general doctrines on this subject. "If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it of them with some part of the produce of our own industry, employed in a way in which we have some advantage. The general
Page 7 - wants to acquire it, is the toil and trouble of acquiring it. What every thing is really worth to the man who has acquired it, and who wants to dispose of it, or exchange it for something else, is the toil and trouble which it can save to himself, and which it can impose upon other people." '^>
Page 71 - to command a greater proportion of the necessaries and enjoyments of life, and therefore to rear a healthy and numerous family. When, however, by the encouragement which high wages' give to the increase of population, the number of labourers is increased, wages again fall to their natural price, and indeed
Page 275 - than the demand of the home market requires. The surplus part of them, therefore, must be sent abroad, and exchanged for something for which there is a demand at home. It is only by means of such exportation, that this surplus can acquire a value sufficient to compensate the labour and expense of producing it.
Page 7 - In speaking then of commodities, of their exchangeable value, and of the laws which regulate their relative prices, we mean always such commodities only as can be increased in quantity by the exertion of human industry, and on the production of which competition operates without restraint.