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The Non-Ricardian Stationary State in Chapter 17 of the Principles of Political Economy and Taxation

Wakamatsu, Naoyuki (2020): The Non-Ricardian Stationary State in Chapter 17 of the Principles of Political Economy and Taxation.

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Abstract

This paper explains the non-Ricardian stationary state (NRSS) and the tax incidence in such a state concretely. In the NRSS, the corn becomes monopoly price, and the rent upon scarcity is caused into the price. In this regard, Hollander (1979) considered that Ricardo emphasized the rent upon scarcity in addition to the differential rent. However, Hollander derived the interpretation based on Buchanan’s words, rather than Ricardo’s. On the contrary, we attempt to derive the interpretation from Ricardo’s words in Chapter 17 of the Principles. We show that Hollander’s interpretation is more inherent in Ricardo himself.

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