NOBELIST GEORGE STIGLER'S COPY OF RICARDO'S CLASSIC ON THE SCIENCE OF ECONOMICS. RICARDO, DAVID....

NOBELIST GEORGE STIGLER'S COPY OF RICARDO'S CLASSIC ON THE SCIENCE OF ECONOMICS. RICARDO, DAVID. 1772-1823. On the Principles of Political Economy and Taxation. London: John Murray, 1817. 8vo (210 x 115 mm). Contemporary calf-backed marbled paper boards, spine lettered and ruled in gilt, front hinge repaired. Provenance: George L. Stigler (his bookplate; 1911-1991, Nobel Prize-winning free market economist); Hon. Stanley C. Wisniewski (pencil inscription). FIRST EDITION, FIRST ISSUE, OF RICARDO'S MOST IMPORTANT CONTRIBUTION TO ECONOMICS, NOBELIST GEORGE STIGLER'S COPY. 'The fundamental ground-work of the Principles is based on the theory that, given free competition in trade, the exchange value of commodities will be determined by the amount of labour expended in production: not a wholly original thesis, nor one capable of absolute expression, but one which was given new force by the theory of distribution with which Ricardo reinforced it. This has been summarized thus: 'the demand for food determines the margin of cultivation; this margin determines rent; the amount necessary to maintain the labourer determines wages; the difference between the amount produced by a given quantity of labour determines profit'' (PMM 277). Principles also lays out what some consider to be Ricardo's most important contribution: his theory of comparative advantage, which deals with the advantage of industrial specialization in regard to international trade. Goldsmith 21734; Kress B7029; PMM 277. WITH: On the Principles of Political Economy and Taxation. London: John Murray, 1821. 8vo (208 x 116 mm). 19th-centurry calf, red and black morocco lettering pieces, gilt. Provenance: William George's Sons, Bristol (bookseller's ticket); Rt. Hon. Sir John Rolt (armorial bookplate); Hon. Stanley C. Wisniewski (pencil inscription). THIRD EDITION, the first to include the important new chapter 'On Machinery,' and the last to be published in his lifetime. For further information on this lot please visit Bonhams.com For further information about this lot please visit the lot listing