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Unformatted text preview: Political Economy and the Global Environment David Ricardo • About • 1772 - 1823 • questioned the wonderful world - “who gets what?” • very successful as a young adult - did not need to worry about money • Workers, capitalists, landlords • turns tension away from investing and into science • did not agree with malthus on all aspects of economics • expanded eachother’s world views • looked at economic model that adam smith set up • eventually reduced industrial world into three nameless, faceless groups - workers, capitalists, landlords • helped to shape negative view of market place to jungle of avarice • sheep, dogs, pigs • The escalator • workers at bottom, making escalator go • capitalists struggle to get ahead on escalator • landlords just rode up • The Principles of Political Economy and Taxation (1817) • published ideas • was called “spare, bare, lifeless, but tragic” • why tragic? • workers must work - they have no other choice, then revel in lights after they get away from work • lights - material things that keep the poor, poor • destined to be poor their entire life - no self restraint, they are the pawns • wages Fuctuate - controlled by economy • capitalists are plant managers - sell products to accumulate product • more pro¡ts, more they invest (hire more workers) • compete with each other, which forces them to lower prices (cuts into pro¡ts, levels playing ¡eld) • pro¡ts Fuctuate - controlled by economy • landlords - “skin the fat off the top regardless of how other two are doing” • they own the land, collect rent (rent was not checked by economic activity) • landlords not controlled by economy • used money to invest in more land, more solid assets that they could charge rent for • landlords will always make out best in a market economy • • Rent, wages, pro¡ts • Corn Laws • Ricardo opposed corn laws kept prices high • high protective tariffs put on corn, grains, livestock Lecture 10 • government was protecting landlords •...
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This note was uploaded on 09/01/2009 for the course ENV S ENV S 3 taught by Professor Graves during the Spring '08 term at UCSB.
- Spring '08