Ricardo's “Political Economy”

Abstract

THIS edition of Ricardo's “Principles” will be found useful to students of political economy. In addition to a large number of footnotes, the editor contributes an introductory essay of forty pages, and two short appendices—(1) on Ricardo and his critics, (2) on the effect upon rent of improvements in the fertility of land. The introductory essay gives a general account and brief critical estimate of Ricardo's work. It is characterized by judicial moderation and impartiality; and many ambiguities and obscurities, due to the defects of Ricardo's style, are cleared away. Naturally, the abstract theory of value is treated first; and here the editor acknowledges that Ricardo did not attach sufficient importance to the influence of demand in determining value. But, on the serious question of the relation of capital to labour, he hardly seems to make Ricardo's position clear. He says (p. xxxix.):— Principles of Political Economy and Taxation. By David Ricardo. Edited, with Introductory Essay, Notes, and Appendices, by E. C. K. Gonner, M.A., Lecturer on Economic Science, University College, Liverpool. (London: George Bell and Sons, 1891.)