Principles of Political Economy and TaxationThis book discusses the principles of political economy. It includes chapters on value, on rent, on the rent of mines, on natural and market price, on wages, on profits, on foreign trade, on taxes, taxes on raw products, taxes on rent, tithes, taxes on gold, taxes on houses, taxes on profits, taxes on wages, taxes on other commodities than raw produce, poor rates, on sudden changes in the channels of trade, value and riches, their distinctive properties, effects of accumulation on profits and interest, bounties on exportation and prohibitions of importation, on bounties on productions, doctrine of Adam Smith concerning the rent of land, on colonial trade, on gross and net revenue, on currency and banks, on the comparative value of gold, corn, and labour in rich and poor countries, taxes paid by the producer, on the influence of demand and supply in prices, on machinery, and Mr Malthus' opinions on rent. |
Contents
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Common terms and phrases
abundance accumulation Adam Smith additional advantage agriculture alteration amount bounty Buchanan capital employed cause cent circulating circulating capital circumstances cloth compared consequence consumer cost of production cultivation diminished diminution dities duce duction effect employment England equal exchangeable value expended exportation farmer fixed capital foreign trade funds gold greater quantity importance improvements income increase interest labour necessary landlord lower machinery Malthus 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 sell silver supply suppose taxation theory things tion value of commodities value of money variation vary wages of labour wealth wheat whilst whole wine
Popular passages
Page 7 - IN that early and rude state of society which precedes both the accumulation of stock and the appropriation of land, the proportion between the quantities of labour necessary for acquiring different objects seems to be the only circumstance which can afford any rule for exchanging them for one another.
Page 162 - 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 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 ; that is, in proportion to the revenue which they respectively enjoy under the protection of the state.
Page 53 - The capital employed in agriculture, therefore, not only* puts into motion a greater quantity of productive labour than any equal capital employed in manufactures, but in proportion too to the quantity of productive labour which it employs, it adds a much greater value to the annual produce of the land and labour of the country, to the real wealth and revenue of its inhabitants. Of all the ways in which a capital can be employed, it is by far the most advantageous to the society.
Page 117 - Gold and silver having been chosen for the general medium of circulation, they are, by the competition of commerce, distributed in such proportions amongst the different countries of the world, as to accommodate themselves to the natural traffic which would take place if no such metals existed, and the trade between countries were purely a trade of barter.
Page 114 - ... binds together by one common tie of interest and intercourse, the universal society of nations throughout the civilized world.
Page 373 - IT is the cost of production which must ultimately regulate the price of commodities, and not, as has been often said, the proportion between the supply and demand: the proportion between supply and demand may, indeed, for a time, affect the market value of a commodity, until it is supplied in greater or less abundance, according as the demand may have increased or diminished ; but this effect will be only of temporary duration.
Page 52 - Corn is not high because a rent is paid, but a rent is paid because corn is high; and it has been justly observed that no reduction would take place in the price of corn although landlords should forego the whole of their rent.
Page 71 - The market price of labour is the price which is really paid for it, from the natural operation of the proportion of the supply to the demand: labour is dear when it is scarce and cheap when it is plentiful.
Page 162 - Every tax ought to be so contrived as both to take out and to keep out of the pockets of the people as little as possible, over and above what it brings into the public treasury of the State.