The Principles of Political Economy and Taxation

David Ricardo is credited with synthesizing economics in the 19th century. Though some of Ricardos theories have been modified and superseded, his foundational role in the development of economics is widely acknowledged.His  famous book appeared under the title On the Principles of Political Economy and Taxation in 1817 and had three editions before his death in 1823. In the Preface of the Principles, Ricardo clearly stated the three major objectives of the book. First, to determine the laws which regulate the distribution of national product among three social classes: workers as wages, rentiers as rent and capitalists as profit. Secondly, to see how economic progress would affect the relative distributive shares in a capitalist economy. Thirdly, it aimed at observing the effects of taxation on different social and economic classes, viz. landlords, workers and capitalists.No other book dominated the economic thought of the times and beyond as did Ricardos Principles. It has given concepts like the Theory of Rent, which was the first clear exposition of the source and magnitude of land rents and is among the most important and firmly established principles of economics; and the Theory of Comparative Advantage which became an integral part of neoclassical trade theory and is the basis for most economists belief in free trade today. The book uses the Law of Diminishing Returns developed by Ricardo in one of his earlier works, to underpin his elaborate economic system. Ricardos theories and views on Value, Distribution, Wages, Profits, Foreign Trade, Taxes and Fiscal Equivalence are the milestones of economic thought.This reprint of the book with a comprehensive Introduction has been brought to help the students, teachers and researchers of Economics in their academic pursuits, and for the economists to delve deeply into the subject and draw valuable conclusions for future progress of society.

Politics & Social Sciences

David, Ricardo

Introduction by R.N. Ghosh

Politics & Government

Atlantic Publishers & Distributors (P) Ltd.

Principles of Economics, Vol. 1, 8th Ed.

Alfred, Marshall

Alfred Marshall dominated the world of Economics from about 1890 until his death in 1924. In his most important book, Principles of Economics, he emphasized that the price and output of a good are determined by both supply and demand: the two curves are like scissor blades that intersect at equilibrium. His primary concern in Principles was Microeconomics, the study of Individual markets and industries, and not the whole economy. Modern economists, trying to understand why the price of a good changes, still start by looking for factors that may have shifted demand or supplyan approach they owe to Marshall.
Marshall used the tools of classical mechanics, including the concept of optimization, to make Economics dynamic rather than static. Like neo-classical economists who have followed in his footsteps, Marshall took technology, market institutions, and peoples preferences as given. However he believed that the Mecca of the economist lies in economic biology rather than in economic dynamics. The economy, according to him, is an evolutionary process in which technology, market institutions, and peoples preferences evolve along with peoples behaviour.
Principles of Economics, first published in 1890, went through eight editions and is considered the most important treatise of 19th century and beyond. It gave some landmark concepts like consumer surplus, producer surplus, price elasticity of demand, and the idea of three periods, viz. market period, short period and long period. The concept of National Dividend given in the Principles is not a mere academic toy, but a practical instrument of great power designed for service in the concrete solution of social problems. Marshalls theoretic discussion follows the lines of the mathematical treatment of Cournot and others, more particularly in his discussion of the doctrines of value, cost, exchange, and distribution. He has used diagrams and formulae for purposes of illustration and for greater precision of statement.
This reprint of the book with a comprehensive Introduction has been brought to help the students, teachers and researchers of Economics in their academic pursuits, and for the economists to delve deeply into the subject and draw valuable conclusions for future progress of society.

Principles of Economics, Vol. 2, 8th Ed.

Principles of Political Economy [Volume 1]

Business & Money

J.S. Mill

Economics

John Stuart Mills Principles of Political Economy was one of the most widely read of all books on economics in its period. Accepted as standard textbook for over 150 years, the book systematically demonstrates how the important economic concepts can be applied to real-world situations. Shifting focus to realism, Mill took economics out of the realm of the abstract and placed it within the context of society. The objective of the book as Mill himself stated was to unite the greatest individual liberty of action, with a common ownership of the raw material of the globe, and an equal participation of all in the benefits of combined labour. Mill intended the book to be a survey of contemporary economic thought as well as an exploration of application of economic ideas to social concerns. Greatly influenced by the works of David Ricardo, taking some ideas from Adam Smith and Thomas Malthus, J.S. Mill was able to weave together the diverse elements of classical economics into a unified body of doctrines, and in doing so he demonstrated his brilliance as a thinker and writer. The text is divided into five books; first three are more technical books on production, distribution and exchange, while the last two deal with the influences of societal progress and the government on economic activity. Mills recommendations for the economic organization of society were based on how institutions, laws and practices impacted the well-being of the individuals. This reprint of the book, with a comprehensive scholarly Introduction by Prof R.N. Ghosh of the University of Western Australia, has been brought to help the students, teachers and researchers of economics in their academic pursuits.

Principles of Political Economy [Volume 2]

Malthuss famous An Essay on the Principle of Population was first published in 1798. The book had six editions till 1826, and in each edition Malthus made changes to his original idea. From a pessimist par excellence in 1798, he mellowed into a realist in successive editions. But he continued to argue that population had a tendency to outstrip the supply of food necessary for its survival, and that it could be held in check either through positive checks such as famines and wars or through preventive checks such as contraception and moral restraint. He was always opposed to contraception but gave his support to moral restraint which involved, among other things, late marriages, celibacy and voluntary sexual control within wedlock. Malthuss theory is based on two assumptions: (1) That food is necessary to the existence of humans; this is a natural law. (2) That the passion between man and woman is natural; this is a biological law. Malthus noted an incompatibility between the physical law and the biological law and argued that, in the absence of checks to population growth, population would always have a tendency to grow faster than the supply of food necessary for its subsistence. He went on to say that population, when its growth is unchecked, increases in a geometrical progression, such as 1, 2, 4, 8, 16, 32, and so on, in each successive generation. The food supply, on the other hand, increases, according to Malthus, in arithmetic progression, i.e. 1, 2, 3, 4, 5, etc. Modern demographers find Malthusian view of power of population highly pessimistic. However, the facts that the world population is increasing at a fast rate notwithstanding various family planning measures, and world food security is under serious threat bear testimony that Malthuss ideas are holding true even today. The Essay is a great classic that firmly established Malthus as a social scientist. The extraordinary quality of this book is that it is of great relevance to any society because the growth of population vs. the means to sustain them will always remain an issue. Moreover, migration of population, supply and cost of labour, population ageing, checks on growth of population, etc. are important issues worldwide even today. The book has been brought out to help the students, teachers and researchers of economics and sociology, in their study and research. A comprehensive introduction has been given to highlight various pertinent issues on the subject. It will immensely benefit policymakers and demographers. To those who are interested in knowing about population and its features, the book will provide for a richly rewarding and stimulating reading.

An Essay on the Principle of Population [Volume 1]

Thomas Robert Malthus

Social Sciences

Malthuss famous An Essay on the Principle of Population was first published in 1798. The book had six editions till 1826, and in each edition Malthus made changes to his original idea. From a pessimist par excellence in 1798, he mellowed into a realist in successive editions. But he continued to argue that population had a tendency to outstrip the supply of food necessary for its survival, and that it could be held in check either through positive checks such as famines and wars or through preventive checks such as contraception and moral restraint. He was always opposed to contraception but gave his support to moral restraint which involved, among other things, late marriages, celibacy and voluntary sexual control within wedlock. Malthuss theory is based on two assumptions: (1) That food is necessary to the existence of humans; this is a natural law. (2) That the passion between man and woman is natural; this is a biological law. Malthus noted an incompatibility between the physical law and the biological law and argued that, in the absence of checks to population growth, population would always have a tendency to grow faster than the supply of food necessary for its subsistence. He went on to say that population, when its growth is unchecked, increases in a geometrical progression, such as 1, 2, 4, 8, 16, 32, and so on, in each successive generation. The food supply, on the other hand, increases, according to Malthus, in arithmetic progression, i.e. 1, 2, 3, 4, 5, etc.  Modern demographers find Malthusian view of power of population highly pessimistic. However, the facts that the world population is increasing at a fast rate notwithstanding various family planning measures, and world food security is under serious threat bear testimony that Malthuss ideas are holding true even today.  The Essay is a great classic that firmly established Malthus as a social scientist. The extraordinary quality of this book is that it is of great relevance to any society because the growth of population vs. the means to sustain them will always remain an issue. Moreover, migration of population, supply and cost of labour, population ageing, checks on growth of population, etc. are important issues worldwide even today. The book has been brought out to help the students, teachers and researchers of economics and sociology, in their study and research. A comprehensive introduction has been given to highlight various pertinent issues on the subject. It will immensely benefit policymakers and demographers. To those who are interested in knowing about population and its features, the book will provide for a richly rewarding and stimulating reading.

An Essay on the Principle of Population [Volume 2]

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