On the Principles of Political Economy, and Taxation.

London: John Murray,, 1817. A foundational work of classical economic theory First edition of Ricardo's fundamental contribution to economics, establishing a systematic and scientific approach to the discipline, and setting forth both the labour theory of value and the theory of comparative advantage. His approach and methods influenced all succeeding generations of economists and provided an enduring foundation of arguments for free trade. Ricardo's approach to political economy was informed by his friendships with Mill, Bentham, and Malthus, and particularly by his reading of Smith's Wealth of Nations in 1799. In 1815, Mill and others urged Ricardo to set out the Principles as a systematic account of his theories. The work outlines a newly developed labour theory of value, the theory of international comparative advantage, monetary theory, and the influence of taxation. Notably, Ricardo's emphasis on mathematical abstraction led him to develop the concept of the economic model: "Ricardo saw the study of economics as a pure science whose abstractions were capable of quasi-mathematical proof... his deductive methods have proved of great use in the elementary analysis of economic problems, and in the subjects which are capable of his rigid analysis, currency and banking, it has proved of lasting value" (PMM). His defence of free trade, based on the comparative advantage to both economies, has been enduring, with influence on the preference for free trade by Britain within the 19th century and on the free trade revival in neoliberal economics. Octavo (209 x 128 mm). Contemporary half calf, later red morocco label, marbled sides. Housed in a brown quarter morocco solander box by the Chelsea Bindery. Joints and extremities neatly restored, light browning to endpapers and spotting to contents. An excellent copy. Goldsmiths' 21734; Kress B.7029; Printing and the Mind of Man 277; Sraffa 4907(first state "his" misprinted as "hi" in the footnote on p. 330, second state with "in" correctly printed on the first line of p. 97).