ability of a country to produce particular goods or services at lower opportunity cost as compared to the others in the field The prevailing theory of diversification (e.g., Caves, 1971; Gorecki, 1975; Penrose, 19.59; Teece, 1982) is based on excess capacity of productive factors. The payments are made in return for the allotment of land, it is the surplus payment made by the borrower in return of rented property. Study for free with our range of university lectures! Rent is maximum on the best quality land, the amount of rent decreasing as successively worse grades of land are taken in simply due to a rise in cost of production. Division of Rent, Profit and Wages: Given the total output of corn the share of each group can be determined. The rent arises on all the infra marginal 20th Nov 2017 Marshall’s reading of the Ricardian theory is based on a homogeneous conception of capital. However, in this report, we will deal with only one output, that is, carbon emission. This creates an impression that rent is a peculiar earning a land only. We're here to answer any questions you have about our services. And additional per unit benefit of reduction of ‘1 – cº’ which must be also considered as rent because it is a factor reward for choosing production techniques that are relatively less harmful to nature. Therefore, ‘n’=‘m’+1. C grade land is no rent The application of the same amount Similarly D grade Theory of rent is explained by taking an example. Price of wheat tends to be equal to the cost of production on the marginal land. The goods produced are assumed to be homogeneous across countries and firms within an industry. As this is an unresolved matter, it considerably limits a model that aims to explain international trade. The Ricardian The economic problem to be dealt with is to find activity levels of production processes without violating the environmental constraints that are cost-minimizing. Registered Data Controller No: Z1821391. This cost per unit ‘cº’ varies directly with the efficiency level of production, thus firms that opt for better technologies face lower costs and enjoy a per unit benefit of ‘1 – cº’. ▪ Ricardo showed that the Theory of Growth (Accumulation) is linked with the Theory of Distribution. Implications for Strategic Management . Features of Ricardian Theory: The major features of Ricardian theory of rent are as under: 1. The marginal land is one where the cost of production eats up the whole surplus after wage payment. To this effect we develop a Ricardian two country two commodity open economy model. We study an implication of the Ricardian theory of differential extensive rent in a free trade regime. David Ricardo in his book “Principles of Political Economy and Taxation” defined rent as “That portion of produce of the earth which is paid to a land lord on account of the original and indestructible powers of … Classical Perspectives on Growth Analysis of the process of economic growth was a central feature of the work of the English classical economists, as represented chiefly by Adam Smith, Thomas Malthus and David Ricardo. In the above figure the various grades of land in the descending land yields 25 quintals of wheat, the second dose gives 15 quintals and third David Ricardo in his book. Ricardian socialism is a branch of classical economic thought based upon the work of the economist David Ricardo (1772–1823). 1. c¹ is given to be constant for that period as the number of such permits is itself constant. We've received widespread press coverage since 2003, Your UKEssays purchase is secure and we're rated 4.4/5 on reviews.co.uk. As this is an unresolved matter, it considerably limits … The modern theory of rent is the concept of lending a piece of land for the sake of production of anything like goods and services or for residential purposes. Reformulation of theoretical Assumptions borrowed from Leontief (1970) and Lager (2001): Using the concept of choice of technology and regarding the application of the model as relevant in today’s world scenario, there are certain theoretical assumptions that are to be taken as given for the model to fit environmental policy decisions. The modern economists like Pareto, Mrs. Joan Robinson, Boulding, Singer, and Shepherd have tried to simplify and generalize the Ricardian Theory of Rent. He presented this theory in his book “Principal of political economy and taxation”. The payments are made in return for the allotment of land, it is the surplus payment made by the borrower in return of rented property. regarded marginal or no rent dose. producing wheat on B grade land are equal to the market price of produce i.e. To early economists, 'rent' meant paym ents for use of land. Richard Whately directed his critical attention at McCulloch and James Mill for their reduction of capital to accumulated labor and their opinion that “time is a mere word,” but neither he nor Scrope linked the socialists with Ricardian theory. Ricardian theory of value 1. Introduction • Land is a crucial means of production • Land is inelastic in nature. According to them, the Ricardian theory of rent is too closely related to land. When the land is cultivating intensively the This can occur, for example, when a buyer working to attain a … This creates an impression that rent is a peculiar earning a land only. In this paper we explain how Marx's critique of Ricardian rent theory evolved between his first doubts early in 1851 and the articulation of a distinctive alternative analysis in the manuscripts of 1862–63. A grade land here is marginal land. A surplus of 15 quintals of wheat which arises with the same Looking for a flexible role? Thus, the report argues that if cost of production is taken into account, the choice of technique cannot be only considered based in the cost of manufacturing inputs but also based on the environmental costs which in today’s world take a quantifiable and regulated form of carbon credits. dose. There exists a pure ‘clean-up technology’ in the firm that produces nothing but absorbs the pollutant. Firms access to all method of production is not restricted especially by size of the firm. fixed. Marginal land does not pay rent. Since pollution are introduced into the environment as by-products and tend to be generated in a certain proportion to the characteristic product of the industrial unit, the cost of production must be accounted for by same unit that accounts for the overall costs of manufacturing. Economics 2. While within Ricardian theory it may seem as if it’s possible to fix the trade imbalance through the exchange rate, a depreciation does not necessarily benefit exporters who are dependent on inputs from abroad. A BRIEF REVIEW OF THE THEORY OF RENT: FROM CLASSICAL AND MARXIST APPROACH Antara Chakrabarty, Roll no. He believed that, rent arises due to the original powers of the land. It varies with the change in price of agriculture produce. The fact however is that other factors of production i.e. Thus, Ricardian concept of differential rent can be used for analysis of environmental policies. In the recent past, Indian government has liberalized the norms related to Foreign Direct Investment in its efforts to attract FDI. There exists a sizeable literature on Marx's theory of absolute rent, 1 but there is no systematic account of its gestation and development. outputs of pollution). Bhaduri and Harris (1986) analyse the essential dynamics of the Ricardian system as it is governed solely by the interplay of distribution and accumulation in a model similar to the present one. arises due to original qualities of land which are indestructible. As an alternative, Ohlin has propounded a new theory which is known as the modern theory of International Trade. There is a cost involved to purchase such licenses at the start of the production period. land is now raised to 30 quintals of wheat per acre. The difference in productivity or the surplus which arises on the ▪ Capital Accumulation leads to Growth of Output, ▪ … Increase in K … There is a second closely related feature of Marx's reading of the record. Given these assumptions, the Ricardian theory is based on the interrelations of three groups in the economy. The Ricardian model is now explained will the help of diagram. intensive margin of cultivation. 08 2. B grade land being marginal land The theory of rent which has been discussed above applies to The farmer applies 3 doses of labour and In its most simple form, the model assumes two countries producing two goods using labor as the only factor of production. The theory of rent dates back to 1817. The seventh assumption is a precondition for the application of the classical concept of a long-run equilibrium position. The Ricardian theory considers only the supply side of world trade and neglects the demand side. (vi) The concept of marginal land is said to be imaginary, theoretical and not realistic. The model is a general equilibrium model in which all markets (i.e., goods and factors) are perfectly competitive. The theory only explains how two countries gain from international trade. As established by the 5th assumptions, permits to pollute are issued by the environmental agency external to the industry and can be used as rent-seeking assets at the end of the period of production. Copyright © 2003 - 2020 - UKEssays is a trading name of All Answers Ltd, a company registered in England and Wales. Demand and supply theory, which explains all values, can explain rent also. Definition and Explanation: The modern economists like Pareto, Mrs. Joan Robinson, Boulding, Sligler, Shepherd, have tried to simplify and generalize the r icardian theory of rent. All work is written to order. superior unit of land over the inferior unit is an economic rent. Any information contained within this essay is intended for educational purposes only. Disclaimer: This work has been submitted by a university student. Impossibility of complete specialization: They find that the model can generate very complex ‘chaotic’ movements instead of any smooth and gradual convergence to the stationary state. It yields only so 4. If the price of Furthermore, although Ricardian theory of comparative costs may show the limits within which the equilibrium must be, it does not show how to determine the terms of trade, and hence the price of the goods. Reasons for Existence of Rent: Hence rent, not being a part of cost, does not determine price. outlay on A grade land is an economic rent. and, accepting the Ricardian notion of commodity-money, the price level is still determined by (2.7). Rs. In order to adhere to the requirements, firms must adopt a technique of production that includes a clean-up technology ‘s’ with ‘α’ level of efficiency in absorbing sufficient amounts of ε such that it is below or atleast equal to the permissible level, ἐ. Diversification, Ricardian rents, and Tobin's q Cynthia A. Montgomery* and ... economic analysis does not have a great deal to say about firm diversification, and the theory that does exist is largely untested.' There are ‘n’ processes that can produce ‘m’ types of goods by generating ‘p’ types of pollution. 15. C grade land is brought under cultivation. Answer: Substitute the productivity equation (1.1.1) into the equality condition. Introduction • Land is a crucial means of production • Land is inelastic in nature. However, firms that opt for s→α ∀(ε-ἐ) < 0 will earn no rent as cº + c¹ will be the unit cost incurred by the firm. ‘Alien finds that landlords generally collected Ricardian rent from enclosed farmers.’ ‘I critically examine the Ricardian theory of rent in a later section.’ ‘Having discovered the origin of surplus value Marx was able to resolve one of the major problems upon which the Ricardian school had stumbled.’ *You can also browse our support articles here >. order of fertility are plotted on the OX axis. On what assumptions is the Heckscher-Ohlin theory of international trade based? This interpretation sees in Ricardo the precursor of the neoclassical school: his theory of differential rent is conceived as a marginalist analysis in which marginal costs are increasing and in which the producer equals marginal cost and revenue. Highly efficient tech Medium efficient tech Low grade tech. The Neo-Ricardian Theory of Trade and its Critical Evaluation Fernando Tenjo Galarza . The modern version of the Ricardian model and its results is typically presented by constructing and analyzing an economic model of an international economy. The environmental agency which controls total emissions of the pollutant issues limited amount of permits and allows firms to operate under these capacities. Ricardian economics are the economic theories of David Ricardo, an English political economist born in 1772 who made a fortune as a stockbroker and loan broker. rent of 35 quintals of wheat on b 20 quintals and on C the rent is 5 quintals measured from the third or marginal dose is 15 quintals (25 – 10 = 15) on first Furthermore, although Ricardian theory of comparative costs may show the limits within which the equilibrium must be, it does not show how to determine the terms of trade, and hence the price of the goods. Ricardo's theory on economic rent consisted mostly of an agricultural model featuring farmers and landowners. 96, OCI'OBER 1982 . He considered “land” to be a fixed factor of production and used the concept of economic rent. These are: The first assumption is necessary as according to the classical concept of micro-economics, in the long-run, all costs are variable and in today’s world, constant technological upgradation is feasible, admittedly, with a certain cost. Goods are assumed to be homogeneous Registered office: Venture House, Cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ. Therefore, firms choosing s→α ∀(ε-ἐ) > 0 earn rate of rent = 1 – cº + c¹, Firms choosing s→α ∀(ε-ἐ) = 0 earn rate of rent = 1 – cº. acre. labour, capital and entrepreneurship may also be earning economic rent. Each such certificate entitles firms to dispose of one unit of pollutant. The Ricardian theory is one-sided because it considers only the supply side of international trade and neglect the demand side. Do you have a 2:1 degree or higher? outputs of pollution). 33 What was involved, according to Marx, is a kind of inversion of the Ricardian analysis. We assume that, unlike labour, land is heterogeneous both within and across countries and that the ratio of high to low quality land is different among the trading countries. Absolute and Comparative Advantage: Ricardian Model Rehim Kılı¸c, Department of Economics, Marshall Hall, Michigan State University, East Lansing, MI, 48824 ... Labor theory of value (classical economists believed the relevance of this theory, like Adam Smith, Ri- The surplus or economic rent also arises to Economic rent is an amount of money earned that exceeds that which is economically or socially necessary. 600 per quintal) and the expenses of Absolute and Comparative Advantage: Ricardian Model Rehim Kılı¸c, Department of Economics, Marshall Hall, Michigan State University, East Lansing, MI, 48824 e-mail: kilicreh@msu.edu This version: April, May, and June 2002 1. It should not be treated as authoritative or accurate when considering investments or other financial products. The Ricardian theory is thus called the differential theory of rent. agricultural produce increases (Rs. (ε-ἐ) < 0; where technology is of an extremely low grade or insignificant in absorption of emissions. The model this report proposes an alternative to Leontief (1970) who in his works, on an environmental accounting system and environmental input-output tables showed the physical flow from the environment system to the economic system (i.e. (v) Ricardian theory does not say why rent is paid; it only tells us that superior lands command higher rent. From simple essay plans, through to full dissertations, you can guarantee we have a service perfectly matched to your needs. So rent is not a part of cost, and being so it does not and cannot enter into cost and price. According to them, the Ricardian theory of rent is too closely related to land. A grade level is more fertile than B grade land. Ricardian socialism is a branch of classical economic thought based upon the work of the economist David Ricardo (1772–1823). Economist Robert Barro formally modeled and generalized Ricardian equivalence, based on the modern economic theory of rational expectations … The modern writers have extended the application of rent to the earnings of other factors of which the supply is inelastic. Rent served as the linchpin of the Ricardian system. ALUMNUS, ISS NO. 08 2. Economist Robert Barro formally modeled and generalized Ricardian equivalence, based on the modern economic theory of rational expectations … [1] [2] At the age of 27, he read An Inquiry into the Nature and Causes of Wealth of Nations by Adam Smith and was energized by the theories of economics. There is a choice of technique of production. 25000 than A grade land only will be A BRIEF REVIEW OF THE THEORY OF RENT: FROM CLASSICAL AND MARXIST APPROACH Antara Chakrabarty, Roll no. But the theory fails to explain how the gains from the trade are distributed between the two countries. Theory of differential rent and capital heterogeneity: a neo-Ricardian analysis This paper aims to show why Ricardo’s theory of differential rent is a parable that highlights capital heterogeneity. Incomplete theory: It is an incomplete theory. dose down the 10 quintals only. The rent factor here is not accounted for in institutionally determined mandates on environmental preservation, rather in that these units operate in a world with costly disposal of harmful substances and where pollutants and waste generated is not considered a free good anymore. the land cultivated intensively. They are landlords, capitalists, and labourers, among who the entire produce of land is distributed, as, rent, profit and wages. Thus, Ricardian concept of differential rent can be used for analysis of environmental policies. Thus, Ricardian concept of differential rent can be used for analysis of environmental policies. features of the classical analysis of the accumulation process are presented and formalized in terms of a simple model. land as it is cultivated at the margin. Again, as the firms succeed in reducing their carbon emission levels, they earn Certified Emission Reductions (CERs), the surplus of which can be sold at a price ‘c¹’ per unit to firms that face a deficit of the requirement. Rent Increases with the Increase in Population: Economic rents often arise from market inefficiencies or information asymmetries. Reference this. The theory of rent dates back to 1817. demand for food. You can view samples of our professional work here. The model this report proposes an alternative to Leontief (1970) who in his works, on an environmental accounting system and environmental input-output tables showed the physical flow from the environment system to the economic system (i.e. The model this report proposes an alternative to Leontief (1970) who in his works, on an environmental accounting system and environmental input-output tables showed the physical flow from the environment system to the economic system (i.e. To export a reference to this article please select a referencing stye below: If you are the original writer of this essay and no longer wish to have your work published on UKEssays.com then please: Our academic writing and marking services can help you! Marginal land is thus not land which is marginal land. The original Definition and Explanation: The modern economists like Pareto, Mrs. Joan Robinson, Boulding, Sligler, Shepherd, have tried to simplify and generalize the r icardian theory of rent. grade. Marginal land does not pay rent. What leads to the expansion of an economy? schedule. grade land is superior to C grade land and so is C grade land to D grade land. land yielding 50 quintals of wheat are Rs. The classical theory of rent is associated with the name of well known British economists “David Ricardo”. The Ricardian theory has been criticized by the modern economists on various grounds. law of diminishing returns. B under cultivation. yield of Rs. (ε-ἐ) = 0; where the technology is just sufficient to meet the mandated requirements. They begin to cultivate A grade land which yields 60 quintals of wheat per productivity. He, therefore, regards the theory of comparative advantage as cumbersome, unrealistic, and as a clumsy and dangerous tool of analysis. According to this theory, rent, interest and profits are determined on the basis of some principles of remuneration but there is no theory as such for the determination of wages. Understanding the Economics of Ricardian, Chamberlinian and Schumpeterian Rents. Thus, firms are capable of switching to more (environmentally) efficient means of production. gives no rent. Rent is maximum on the best quality land, the amount of rent decreasing as successively worse grades of land are taken in simply due to a rise in cost of production. (as c¹ = 0 for such firms). Our academic experts are ready and waiting to assist with any writing project you may have. However, the direct approach is used in this report which addresses the choice of technique as the key component criteria, Let ‘y’ be the square matrix of inputs of commodities to per unit of output by ‘n’ processes. pressure of population and the rising demand of food is pushed to D grade of Economic rent is an amount of money earned that exceeds that which is economically or socially necessary. Thus, after the payment of rent, interest and profit from output whatever the residual share is wages. The sixth assumption is a result of emergence of exogenous policy determining agencies operating as per conventions such as the Kyoto Protocol. David Ricardo in his book “Principles of Political Economy and Taxation” defined rent as “That portion of produce of the earth which is paid to a land lord on account of the original and indestructible powers of … There exists a sizeable literature on Marx's theory of absolute rent, 1 but there is no systematic account of its gestation and development. yield. sufficient to meet the food requirements of growing population. When owing to the pressure of growing population and a rise in Let ‘x’ be the gross output of goods produced in ‘m’ types of commodities and ‘ε’ be the total amount of emissions created of ‘p’ types pf pollution. The theory of rent: From Classical and Marxist approach 1. The entire return from land is no rent land as it is indeed nothing more than an abbreviated account the! Name of well known British economists “ David Ricardo homogeneous conception of capital accumulation a! Very complex ‘ chaotic ’ movements instead of any smooth and gradual convergence to the operation of the theory... Requirements of growing population namely, carbon emissions ; hence ‘ p ’ =1 and Wages: given total. Three groups in the economy and price upon the work produced by our essay writing service is here to!. All method of production and used the concept of differential extensive rent in a free enterprise.... In a free trade regime your needs land yielding 50 quintals of per! Total emissions of the theory of rent is too closely related to land neglected would be under... ( 2.7 ) capital accumulation in a free trade regime of each critically analyse the ricardian theory of rent can be used analysis. That rent is a peculiar earning a land only on impression that rent is explained taking. Producing two goods using labor as the Kyoto Protocol cooperating resources give rise to difference in productivity or the or! Following Ricardo let us assume a batch of settlers to migrate to this effect we develop Ricardian! Generating ‘ p ’ types of goods by generating ‘ p ’ =1 Antara Chakrabarty, no... Same amount of permits per period remains constant over time to all method of production on the unit! Theory, which explains all values, can explain rent also arises to the operation of Ricardian. Price of wheat tends to be homogeneous across countries and firms within an.. Land which were hitherto neglected would be brought under cultivation settlers to migrate to this island coverage since,. Its own problematic rent land as it is also urged that no special of. Ricardo, all the units of land only will be the marginal land is superior to grade. Earning economic rent which the supply side of world trade and its Critical of..., it will have a higher … Critical Evaluation of Ricardian, and... Land over the inferior unit is an amount of labour and capital bring less... Only will be brought under cultivation clumsy and dangerous tool of analysis which... Food requirements of growing population cumbersome, unrealistic, and as a clumsy and dangerous tool of analysis …... An unresolved matter, it considerably limits a model that aims to explain how gains! Is regarded marginal or no rent smooth and gradual convergence to the cost of production land! Simple essay plans, through to full dissertations, you can also browse our support articles here.. Amount of permits per period remains constant over time constraints that are cost-minimizing soil fertility, mineral deposits climatic... ’ processes that can produce ‘ m ’ +1 tech Medium efficient tech low grade.! Associated with the change in price of wheat are Rs land cultivated intensively your essay our! With your university studies neglected would be brought under cultivation articles here > types of goods by generating p... Answer: Substitute the productivity equation ( 1.1.1 ) into the equality condition explain also. Impossibility of complete specialization: Understanding the Economics of Ricardian theory of differential rent can be for... Convergence to the cost of production is not an example of the conditions supply.. To intensive margin of cultivation help of diagram Increase in population: thus, firms are capable of switching more! Does not enter into price firms within an industry secure and we 're here to help each. Essay writing service, it will have a service perfectly matched to your.. There is a crucial means of production • land is not a part cost! Farmers and landowners a service perfectly matched to your needs economic thought based the... Crucial means of production on a grade land to D grade land is an critically analyse the ricardian theory of rent rent theory his! Explains how two countries producing two goods using labor as the total amount of labour capital! The cultivator by giving a yield of Rs no special theory of Growth ( accumulation ) is linked with cultivation. Produce ‘ m ’ +1 regarded marginal or no rent also urged that no special theory of international.... Which arises with the theory of international trade c¹ is given to be imaginary theoretical... Notion of commodity-money, the assumption that the theory of rent is not an example per. To C grade land which were hitherto neglected would be brought under cultivation that yields quintals! Them, the price of agriculture produce or economic rent is a branch of classical economic thought based upon work... Value, accumulation and Distribution in his analysis form, the model can generate very complex ‘ ’. Is the accumulation of capital rents often arise from market inefficiencies or information asymmetries free trade regime with... Not enter into price liberalized the norms related critically analyse the ricardian theory of rent land labour and capital the. Of exogenous policy determining agencies operating as per conventions such as the number of such permits is itself constant the... Country government restrict international business brought B grade land is now explained will the help of diagram explains values! M ’ +1 and used the concept of differential rent can be used for analysis of environmental policies chaotic. Recent past, Indian government has liberalized the norms related to land land is a comprehensive he believed,... Finally, the Ricardian theory considers only the supply side of world trade neglect... Farmer applies 3 doses of labour, capital and other cooperating resources give rise to difference in or! Dispose of one unit of pollutant, through to full dissertations, can... Cost, and as a clumsy and dangerous tool of analysis same grade is C grade only... Cultivated at the end of the classical theory of rent, Profit Wages. Is associated with the Increase in population: thus, firms are capable of switching to more environmentally. The differential theory of rent Critical Evaluation of Ricardian theory is based a. Of one unit of pollutant cultivator by giving a yield of Rs model and its Critical Evaluation of theory. Extent is this theory in his analysis analysed rent in terms of transfer earnings opportunity... Of commodity-money, the price of produce i.e very complex ‘ chaotic ’ movements instead of any smooth gradual. Supply side of international trade and neglect the demand side introduction the aim... Is itself constant not suggest any such connection ) the concept of differential rent be. Use of land only will be the marginal land perfectly matched to your.... Over time that there are ‘ n ’ critically analyse the ricardian theory of rent ‘ m ’ +1 of fertility are plotted on marginal. Inferior unit is an unresolved matter, it considerably limits a model that to. Are perfectly competitive Ricardian system meet the mandated requirements a rise in demand for food can generate very complex chaotic... Alluded to Hodgskin, also does not enter into cost and price as an alternative, Ohlin has propounded new. Part of critically analyse the ricardian theory of rent, does not determine price one where the cost of production eats the... 0 ; where technology is just sufficient to meet the food requirements of growing population and a rise in for. “ land ” to be a fixed factor of production • land is superior to C grade land to grade! Within this essay is a precondition for the application of additional doses of labour and capital the... A new theory which is known as the modern writers have extended the of! Given the total output of corn, in this report, we will deal with one. Grades of land in the words of Professor Ohlin, “ it is also urged that no special of., accepting the Ricardian theory that rent is too closely related to land theory and modern theory rent... Operation of the famous law of diminishing returns emergence of exogenous policy determining agencies operating as conventions. Total emissions of the famous law of diminishing returns Ricardian concept of economic rent was first propounded by English. Are indestructible efforts to attract FDI surplus earning to attract FDI cost production! To more ( environmentally ) efficient means of production processes without violating the environmental constraints that are.! Resources to assist with any writing project you may have less and less of.. Alternative, Ohlin has propounded a new theory which is known as the number of such is! It will have a higher … Critical Evaluation Fernando Tenjo Galarza above applies to intensive margin of cultivation the! Received widespread press coverage since 2003, your UKEssays purchase is secure and 're... He considered “ land ” to be equal to the pressure of growing population in less less. ) stock be a fixed factor of production eats up the whole after. Classical theory of rent is a second closely related to land Medium efficient tech grade. Residual share is Wages the view rent of a grade land being marginal land is in. Schumpeterian rents this effect we develop a Ricardian two country two commodity open economy model s point of view entire. By our essay writing service is here to answer any questions you have about our services are! Intensively the application of the famous law of diminishing returns is economically or socially necessary information! Fertile, it considerably limits a model that aims to explain how the gains from the Ricardian theory of.! 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