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The exchangeable value of all commodities rises as the difficulties of their production increase.

David Ricardo

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David Ricardo
Age: 50 †
Born: 1772
Born: April 19
Died: 1823
Died: January 1
Economist
Philosopher
Politician
Stockbroker
London
England
Production
Productions
Difficulty
Increase
Value
Commodities
Values
Rises
Commodity
Difficulties

More quotes by David Ricardo

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Nothing contributes so much to the prosperity and happiness of a country as high profits.
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But a tax on luxuries would no other effect than to raise their price. It would fall wholly on the consumer, and could neither increase wages nor lower profits.
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Every transaction in commerce is an independent transaction.
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Again two manufacturers may employ the same amount of fixed, and the same amount of circulating capital but the durability of their fixed capitals may be very unequal.
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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.
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Profits might also increase, because improvements might take place in agriculture, or in the implements of husbandry, which would augment the produce with the same cost of production.
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Taxation under every form presents but a choice of evils.
David Ricardo
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If I discover a manure which will enable me to make a piece of land produce 20 per cent more corn, I may withdraw at least a portion of my capital from the most unproductive part of my farm.
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Whenever, then, the usual and ordinary rate of the profits of agricultural stock, and all the outgoings belonging to the cultivation of land, are together equal to the value of the whole produce, there can be no rent.
David Ricardo
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It has therefore been justly observed that however honestly the coin of a country may conform to its standard, money made of gold and silver is still liable to fluctuations in value, not only to accidental, and temporary, but to permanent and natural variations, in the same manner as other commodities.
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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.
David Ricardo
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The farmer and manufacturer can no more live without profit than the labourer without wages.
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Gold and silver are no doubt subject to fluctuations, from the discovery of new and more abundant mines but such discoveries are rare, and their effects, though powerful, are limited to periods of comparatively short duration.
David Ricardo
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The wheat bought by a farmer to sow is comparatively a fixed capital to the wheat purchased by a baker to make into loaves.
David Ricardo
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Gold, on the contrary, though of little use compared with air or water, will exchange for a great quantity of other goods.
David Ricardo
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But a rise in the wages of labour would not equally affect commodities produced with machinery quickly consumed, and commodities produced with machinery slowly consumed.
David Ricardo
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No extension of foreign trade will immediately increase the amount of value in a country, although it will very powerfully contribute to increase the mass of commodities and therefore the sum of enjoyments.
David Ricardo
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The factors left out of the Ricardian equation are falling wages and idle capacity.
David Ricardo
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By far the greatest part of those goods which are the objects of desire, are procured by labour and they may be multiplied, not in one country alone, but in many, almost without any assignable limit, if we are disposed to bestow the labour necessary to obtain them.
David Ricardo
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It appears to me that one great cause of our difference in opinion on subjects which we often discuss is that you have always in mind the immediate and temporary effects of particular changes, whereas I put these effects quite aside, and fix my whole attention on the long-term effects that will result from them.
David Ricardo