On the Principles of Political Economy and Taxation.
London, John Murray 1817
Octavo, 22.1 x 14.6 cm, 19th century quarter polished calf and marbled boards, calf edges to boards, spine with five raised bands, red morocco labels lettered gilt, leaf edges untrimmed, pp.viii + 589 + (1p) errata + (14pp) index, numerous pencil underlinings in the text and margins and a few pencil notes, a large, fine copy.
Provenance: engraved bookplate Briglands Perthshire home of J.A.Clyde, (1863-1944) advocate. He was Lord President from 1920 until 1935 with the title of Lord Clyde.
Printing & the Mind of Man 277. Kress B7029. Goldsmith 21734. Sraffa 5a.
FIRST EDITION OF ONE OF THE MOST IMPORTANT WORKS IN ECONOMICS OF THE 19TH CENTURY. The fundamental groundwork of the Principles is based on the theory that given free competition in trade, the exchange value of commodities will be determined by the amount of labour expended in production. This thesis was reinforced by Ricardo’s theory of distribution in which he argued that the demand for food determines the margin of cultivation; this margin determines rent; the amount necessary to maintain the labourer determines wages; the difference between the amount produced by a given quantity of labour determines profit. Ricardo was the principle founder of the classical school of economics. His main doctrines were expounded by his disciples James Mill and McCulloch and accepted by John Stuart Mill. David Ricardo’s exact mathematical approach and deductive methods have influenced succeeding generations of economists, especially in the fields of currency and banking.