Ricardo on Agricultural Improvements: a Note

This note discusses the numerical examples of land saving and capital saving agricultural improvements Ricardo provided in the chapter on the rent of land in the Principles. Especially his illustration of the second kind of improvements met with fierce criticism. It is argued that Ricardo was not wrong in any substantive sense and that he could only be criticized for having changed the definition of rent as regards the timing of its payment from post to ante factum. Copyright (c) Scottish Economic Society 2003.