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David Ricardo

David Ricardo Quotes

Economist

David Ricardo (April 18, 1772 - September 11, 1823) was a British economist and one of the key figures in the classical school of economics. He is known for his theory of comparative advantage, which has had a profound impact on the development of economics.

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All Values Commodity Labour Profit Ifs Produce Quantity Wages May Fall Increase Class Corn Country Economy Effects Gold Labourers Landlord Demand

Famous David Ricardo Quotes

“Possessing utility, commodities derive their exchangeable value from two sources: from their scarcity, and from the quantity of labour required to obtain them.”

Two Values Source Labour Quantity Commodity Utility Possessing Scarcity

Book:On the Principles of Political Economy, and Taxation

Source: On the Principles of Political Economy, and Taxation

“LABOUR, like all other things which are purchased and sold, and which may be increased or diminished in quantity, has its natural and its market price. The natural price of labour is that price which is necessary to enable the labourers, on with another, to subsist and to perpetuate their race, without either increase or diminution.”

May Natural Race Increase Labour Quantity Labourers

Author:David Ricardo

“The demand for money is regulated entirely by its value, and its value by its quantity.”

Values Demand Quantity

Book:The Works of David Ricardo. With a notice of the life and writings of the author: by J. R. McCulloch

Source: The Works of David Ricardo. With a notice of the life and writings of the author: by J. R. McCulloch

“As the revenue of the farmer is realized in raw produce, or in the value of raw produce, he is interested, as well as the landlord, in its high exchangeable value, but a low price of produce may be compensated to him by a great additional quantity.”

Wells May Values Produce Lows Farmers Quantity Revenue Landlord

Book:The Works of David Ricardo. With a notice of the life and writings of the author: by J. R. McCulloch

Source: The Works of David Ricardo. With a notice of the life and writings of the author: by J. R. McCulloch

“If a commodity were in no way useful, - in other words, if it could in no way contribute to our gratification, - it would be destitute of exchangeable value, however scarce it might be, or whatever quantity of labour might be necessary to procure it.”

Ifs Way Might Would Be Values Labour Quantity Commodity Gratification Scarce Destitute

Book:On the Principles of Political Economy, and Taxation

Source: On the Principles of Political Economy, and Taxation

“Gold and silver, like other commodities, have an intrinsic value, which is not arbitrary, but is dependent on their scarcity, the quantity of labour bestowed in procuring them, and the value of the capital employed in the mines which produce them.”

Values Produce Mines Gold Finance Dependent Labour Silver Quantity Commodity Employed Arbitrary Scarcity Intrinsic Value Gold And Silver

Book:The Works of David Ricardo ...

Source: The Works of David Ricardo ...

“Gold, on the contrary, though of little use compared with air or water, will exchange for a great quantity of other goods.”

Littles Use Water Air Gold Contrary Goods Quantity

Book:On the Principles of Political Economy, and Taxation

Source: On the Principles of Political Economy, and Taxation

“In the same manner if any nation wasted part of its wealth, or lost part of its trade, it could not retain the same quantity of circulating medium which it before possessed.”

Ifs Lost Nations Wealth Trade Mediums Quantity Possessed

Book:The Works of David Ricardo, Esq., M.P.: With a Notice of the Life and Writings of the Author

Source: The Works of David Ricardo, Esq., M.P.: With a Notice of the Life and Writings of the Author

“It is not by the absolute quantity of produce obtained by either class, that we can correctly judge of the rate of profit, rent, and wages, but by the quantity of labour required to obtain that produce.”

Class Produce Judging Absolutes Rate Profit Labour Quantity Wages

Book:The Works of David Ricardo, Esq., M.P.: With a Notice of the Life and Writings of the Author

Source: The Works of David Ricardo, Esq., M.P.: With a Notice of the Life and Writings of the Author