Principles of Political Economy and Taxation

David Ricardo (1772-1823) the founder of the classical school of economics applied the deductive logic of the philosopher James Mill to the analysis of monetary principles. His chief work Principles of Political Economy and Taxation first published in 1817 had a profound impact and remains one of the groundworks of modern economics. Ricardo's labor theory of value as well as his elaboration of the division of incomes and the function of wages rent and trade deeply influenced the economic philosophies of Karl Marx John Stuart Mill Alfred Marshall and many others.