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              <text>"Nor does even the present condition of our manufacturing and commercial interests, though in some respects they are prosperous, indicate a steady advance to that state which produces the greatest well-being to the greatest number; with crises occurring at periods of about six years, when a sudden stagnation comes upon manufacturing prosperity, and indeed on business of every kind, shaking the stability of the largest concerns, ruining numbers of those below them, and bringing destitution and starvation on those they employ. The cause of these crises does not seem satisfactorily explained. They have been partly accounted for by glutted markets, and over-speculation; but a deficiency in that staple article of food, corn, has been most generally contemporaneous with them, forcing the poor, the great consumers, to spend so much less in manufactured articles, and what may be called luxuries. As regards also this numerous and most important part of our population, is it, as a whole, so happy, so healthy, so well fed, and so well clothed, as it was 80 or 100 years ago? No doubt the working classes, when they are in full employment, have more luxuries in their food, dress in finer if not better clothes, and have more comforts than were thought of at that time; but the much larger proportion of the utterly destitute, and the immense amount of suffering which results from any check or depression in commerce, manufactures, or agriculture, felt still more keenly by those who have been accustomed to comfort, if not luxury, more than compensate for these advantages. And unquestionably the price of provisions is higher, in proportion to the rate of wages, than it was at that time. The great question still remains; can that country be in a sound economical state, in which 8 per cent. of the whole population is mainly maintained by public or private charity? To this waste must be added that of fraud and crime, of which it is the fertile source."</text>
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                <text>Jean Charles Léonard de Sismondi</text>
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              <text>"Nothing is more common than to hear of the advantages which the land possesses over every other source of useful produce, on account of the surplus which it yields in the form of rent. Yet when land is most abundant, when most productive, and most fertile, it yields no rent; and it is only when its powers decay, and less is yielded in return for labour, that a share of the original produce of the more fertile portions is set apart for rent. It is singular that this quality in the land, which should have been noticed as an imperfection, compared with the natural agents by which manufacturers are assisted, should have been pointed out as constituting its peculiar pre-eminence. If air, water, the elasticity of steam, and the pressure of the atmosphere, were of various qualities; if they could be appropriated, and each quality existed only in moderate abundance, they as well as the land would afford a rent, as the successive qualities were brought into use. With every worse quality employed, the value of the commodities in the manufacture of which they were used would rise, because equal quantities of labour would be less productive. Man would do more by the sweat of his brow, and nature perform less; and the land would be no longer pre-eminent for its limited powers." - Chapter 2&lt;br /&gt;&lt;br /&gt;“a new tax too may destroy the comparative advantage which a country before possessed in the manufacture of a particular commodity" - Chapter 19</text>
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                <text>Under free trade, an agent will produce more of and consume less of a good for which they have a comparative advantage.</text>
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                <text>David Ricardo</text>
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              <text>&lt;span&gt;"I have endeavoured to establish in the book which I shall soon present anew to the public, that for riches to contribute to the happiness of all, being, as they are, the sign of all the material enjoyments of man, their increase must be in conformity to the increase of population, and that they must be distributed among this population, in proportions which cannot be disturbed without extreme danger. I propose to show that it is necessary for the happiness of all, that income should increase with capital, and that the population should not go beyond the income upon which it has to subsist; that consumption should increase with the population, and that reproduction should be equally proportioned to the capital which produces it and to the population &lt;/span&gt;&lt;span class="pb"&gt;&lt;span class="bracket"&gt;[&lt;/span&gt;119&lt;span class="bracket"&gt;]&lt;/span&gt;&lt;/span&gt;&lt;span&gt; which consumes it. I show at the same time that each of these relations may be disturbed independently of the others; that income often does not inerease in proportion to capital; that population may increase without income being augmented; that a population more numerous, but more wretched, may require less for its consumption; that reproduction, in short, may be proportional to the capital to which it owes its returns, and not to the population which demands it; but that whenever any of these relations are disturbed, social suffering ensues."&lt;/span&gt;</text>
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                <text>Jean Charles Léonard de Sismondi</text>
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                <text>New Principles of Political Economy</text>
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                <text>1819</text>
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                  <text>Economic Ideas</text>
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                  <text>A list of ideas and theories in economics</text>
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              <text>"As soon as the land of any country has all become private property, the landlords, like all other men, love to reap where they never sowed, and demand a &lt;strong&gt;rent&lt;/strong&gt; even for its natural produce. The wood of the forest, the grass of the field, and all the natural fruits of the earth, which, when land was in common, cost the labourer only the trouble of gathering them, come, even to him, to have an additional price fixed upon them. He must then pay for the licence to gather them; and must give up to the landlord a portion of what his labour either collects or produces. This portion, or, what comes to the same thing, the price of this portion, constitutes the &lt;strong&gt;rent&lt;/strong&gt; of land ...."</text>
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                <text>Economic Rent</text>
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                <text>Any payment to an owner or factor of production in excess of the costs needed to bring that factor into production.</text>
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                <text>Adam Smith</text>
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                <text>The Wealth of Nations</text>
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                <text>1776</text>
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