large/11381/principles_political_economy_1812_librivox_64kb_mp3/principlesofpoliticaleconomy_03_mill_64kb_91
large/11381/principles_political_economy_1812_librivox_64kb_mp3/principlesofpoliticaleconomy_03_mill_64kb
English
11381
The work of Adam Smith was soon known to other countries, apart from translations. A most lucid and attractive exposition was given to the French by J. THE WORK OF ADAM SMITH WAS SOON KNOWN TO OTHER COUNTRIES APART FROM TRANSLATIONS A MOST LUCID AND ATTRACTIVE EXPOSITION WAS GIVEN TO THE FRENCH BY J
y forced a recognition of the law of diminishing returns from land;(35) then as soon as different qualities of land were simultaneously cultivated, the best necessarily gave larger returns than the poorest; and the idea that the payment of rent was made for a superior instrument, and in proportion to its superiority over the poorest instrument which society found necessary to use, resulted in the law of rent. Ricardo, moreover, carried out this principle as it affected wages, profits, values, and the fall of profits; but did not give sufficient importance to the operation of forces in the form of improvements acting in opposition to the tendency toward lessened returns. The theory of rent still holds its place, although it has met with no little opposition.(36) A doctrine, quite as important in its effects on free exchange, was clearly established by Ricardo, under the name of the doctrine of “Comparative Cost,” which is the reason for the existence of any and all international trade.   INTRODUCTORY A SKETCH OF THE HISTORY OF POLITICAL ECONOMY PART TWO OF PRINCIPLES OF POLITICAL ECONOMY THIS IS A LIBERVOX RECORDING ALL LIBERVOX RECORDINGS ARE IN THE PUBLIC DOMAIN FOR MORE INFORMATION OR TO VOLUNTEER PLEASE VISIT LIBERVOX DOT ORG RECORDING BY AIRNE RIVERA PRINCIPLES OF POLITICAL ECONOMY BY JOHN STUART MILL ABRIDGED BY J LAWRENCE LAWLIN INTRODUCTORY PART TWO 
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