"ITS APPEARANCE FORMED A NEW ERA": FIRST AMERICAN EDITION OF RICARDO'S PRINCIPLES OF POLITICAL ECONOMY, ONE OF ONLY 500 COPIES

RICARDO, David. On the Principles of Political Economy, and Taxation. Georgetown, D.C.: Joseph Milligan, 1819. Octavo, original blue-gray paper boards rebacked with partial original spine laid down, uncut and largely unopened. Housed in a custom clamshell box.

First American edition, one of only 500 copies, of this most important work by Ricardo—"the first 'scientific economist" (PMM)—based on the first London edition of 1817, uncut and partially unopened.

This first American edition of Principles, aside from a later scarce 1830 printing, is the only 19th-century appearance of any work by Ricardo in America, where his influence was nevertheless immense, spread mainly through related texts. "Ricardo is without doubt the greatest representative of classical political economy. He carried the work begun by Adam Smith to the farthest point possible… Ricardo, writing 50 years later than Smith, showed a greater insight in the working of the economic system… In the opinion of his own contemporaries at home and abroad, Ricardo is acknowledged the leader of the science… His most important work is On the Principles of Political Economy and Taxation, first published in 1817" (Roll, 155-6). "The fundamental groundwork 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 labor expended in production… Ricardo was, in a sense, the first 'scientific' economist… [His work] has proved of lasting value" (PMM 277). "This is a most able, original and profound work. Its appearance formed a new era in the history of the science" (McCulloch, 16-17). Milligan published 500 copies of this first American edition; 250 were subscribed by members of Congress and by others impressed with the notice in the Edinburgh Review in 1818. The remaining copies were largely unsold, then reissued with a new title page in 1830. With pages 387 and 437 mispaginated as issued. Goldsmith II: 22323. Kress C402.

Text generally fresh with only light scattered foxing, mild soiling and expert restoration to boards.