Ricardo: On Machinery (1817)
David Ricardo's 1817 work discusses the impact of machinery on different social classes. He initially believed that machinery benefits landlords, capitalists, and laborers by reducing commodity prices and increasing overall wealth. However, he later recognized that while net income may rise for some, it can lead to a decrease in gross income for laborers, adversely affecting their interests.
- ▪David Ricardo explored the influence of machinery on society's classes in his 1817 work.
- ▪He initially argued that machinery benefits landlords and capitalists by lowering commodity prices.
- ▪Ricardo later acknowledged that the rise in net income for some could result in diminished gross income for laborers.
Opening excerpt (first ~120 words) tap to expand
David Ricardo (1817) On The Principles of Political Economy and Taxation Chapter 31: On Machinery In the present chapter I shall enter into some enquiry respecting the influence of machinery on the interests of the different classes of society, a subject of great importance, and one which appears never to have been investigated in a manner to lead to any certain or satisfactory results. It is more incumbent on me to declare my opinion on this question, because they have, on further reflection, undergone a considerable change; and although I am not aware that I have ever published any thing respecting machinery which it is necessary for me to retract, yet I have in other ways given my support to doctrines which I now think erroneous; it, therefore, becomes a duty in me to submit my present…
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