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David Ricardo

The factors left out of the Ricardian equation are falling wages and idle capacity.

Capacity, Equation, Fall, Wages
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During the period of capital moving from one employment to another, the profits on that to which capital is flowing will be relatively high, but will continue so no longer than till the requisite capital is obtained.

Continue, Employment, High, Moved On, Moving

Profits might also increase, because improvements might take place in agriculture, or in the implements of husbandry, which would augment the produce with the same cost of production.

Agriculture, Cost, Improvements, Might, Place, Same

But it is clear that the price of labour has no necessary connection with the price of food, since it depends entirely on the supply of labourers compared with the demand.

Clear, Connection, Connections, Demand, Depends

A BOUNTY on the exportation of corn tends to lower its price to the foreign consumer, but it has no permanent effect on its price in the home market.

Consumers, Corn, Foreign, Home, Permanent

But a tax on luxuries would no other effect than to raise their price. It would fall wholly on the consumer, and could neither increase wages nor lower profits.

Consumer, Fall, Luxuries, Luxury, Price, Wages
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