Ricardo on Money by Deleplace Ghislain;

Author:Deleplace, Ghislain;
Language: eng
Format: epub
Publisher: Routledge

4. A generalisation

In order to generalise Ricardo’s analysis of the effect of taxation on the value of gold, his numerical example may be formalised as follows. Let me call:

Natural price of one ounce of gold bullion, in pesos;

Market price of one ounce of gold bullion, in pesos;

Cost of production (in pesos) of one ounce of gold bullion in mine h, including profit at the general rate and excluding the tax, with ranked according to their decreasing productivity;

Quantity of gold bullion produced by capital advanced in mine h, in ounces;

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