The Principles of Political Economy & Taxation

The Principles of Political Economy & Taxation

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1917 edition. Excerpt: ...of rent; and, as far as it affects manufacturing labour, for a further rise in the price of goods; This rise in the price of goods will again operate on wages, and the action and re-action, first of wages on goods, and then of goods on wages, will be extended without any assignable limits. The arguments by which this theory is supported lead to such absurd conclusions that it may at once be seen that the), principle is wholly indefensible., All the effects which are produced on the profits of stock and the wages of labour by a rise of rent and a rise of necessaries, in the natural progress of society and increasing difficulty of production, will equally follow from a rise of wages in consequence of taxation; and, therefore, the enjoyments of the labourer, as well as those of his employers, will be curtailed by the tax;' and not by this tax particularly, but by every other which should raise an equal amount, as they would all tend to diminish thei' fund destined for the maintenance of labour. "i The error of Adam Smith proceeds in the first place from supposing that all taxes paid by the farmer must necessarily fall on the landlord in the shape of a deduction from rent. On this subject I have explained myself most fully, and I trust that it has been shown, to the satisfaction of the reader, that since much capital is employed on the land which pays no rent, and since it is the result obtained by this capital which regulates the ' price of raw produce, no deduction can be made from rent; and, consequently, either no remuneration will be made to the farmer for a tax on wages, or if made, it must be made by an addition to the price of raw produce. If taxes press unequally on the farmer, he will be enabled to raise the price...show more

Product details

  • Paperback | 120 pages
  • 184 x 244 x 10mm | 240g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236956966
  • 9781236956965