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From The Principles of Political Economy and Taxation

In: Readings In The Economics Of The Division Of Labor The Classical Tradition

Author

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  • David Ricardo

Abstract

The same rule which regulates the relative value of commodities in one country does not regulate the relative value of the commodities exchanged between two or more countries.Under a system of perfectly free commerce, each country naturally devotes its capital and labor to such employments as are most beneficial to each. This pursuit of individual advantage is admirably connected with the universal good of the whole. By stimulating industry, by rewarding ingenuity, and by using most efficaciously the peculiar powers bestowed by nature, it distributes labor 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 civilised world. It is this principle which determines that wine shall be made in France and Portugal, that corn sell be grown in America and Poland, and that hardware and other goods shall be manufactured in England…

Suggested Citation

  • David Ricardo, 2005. "From The Principles of Political Economy and Taxation," World Scientific Book Chapters, in: Guang-Zhen Sun (ed.), Readings In The Economics Of The Division Of Labor The Classical Tradition, chapter 14, pages 127-130, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812701275_0014
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    Citations

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    Cited by:

    1. Natalia Ishchukova & Luboš Smutka, 2013. "Revealed comparative advantage of Russian agricultural exports," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 61(4), pages 941-952.
    2. Seo, Niggol & Mendelsohn, Robert, 2007. "A Ricardian analysis of the impact of climate change on Latin American farms," Policy Research Working Paper Series 4163, The World Bank.
    3. Jeon, Heesang, 2015. "Knowledge and Contemporary Capitalism in Light of Marx's Value Theory," Thesis Commons g5njk, Center for Open Science.
    4. Maresch, Daniela & Leo, Hannes & Walsh, Steven T., 2023. "Hotspurs in, sober bores out: A call and an agenda for entrepreneurship and innovation policies that foster rapidly scaling ventures," Technological Forecasting and Social Change, Elsevier, vol. 196(C).
    5. Robert Miehe & Matthias Finkbeiner & Alexander Sauer & Thomas Bauernhansl, 2022. "A System Thinking Normative Approach towards Integrating the Environment into Value-Added Accounting—Paving the Way from Carbon to Environmental Neutrality," Sustainability, MDPI, vol. 14(20), pages 1-20, October.

    More about this item

    Keywords

    Division of Labor; Specialization; Extent of the Market; Knowledge; Political Economy; History of Economic Thought; Increasing Returns; Equilibrium; Price System; Coordination;
    All these keywords.

    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General

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