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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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David Ricardo
Age: 50 †
Born: 1772
Born: April 19
Died: 1823
Died: January 1
Economist
Philosopher
Politician
Stockbroker
London
England
Effects
Limited
Fluctuations
Doubt
Discovery
Fluctuation
Powerful
Subject
Comparatively
Though
Mines
Abundant
Periods
Duration
Gold
Discoveries
Subjects
Rare
Short
Silver

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Called an inquiry into the laws which determine the division of the produce.
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The exchangeable value of all commodities rises as the difficulties of their production increase.
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A rise in wages, from an alteration in the value of money, produces a general effect on price, and for that reason it produces no real effect whatever on profits.
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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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The price of corn will naturally rise with the difficulty of producing the last portions of it.
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To alter the money value of commodities, by altering the value of money, and yet to raise the same money amount by taxes, is then undoubtedly to increase the burthens of society.
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Profits are not made by differential cleverness, but by differential stupidity.
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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.
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The factors left out of the Ricardian equation are falling wages and idle capacity.
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Nothing contributes so much to the prosperity and happiness of a country as high profits.
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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.
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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 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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A rise of wages from this cause will, indeed, be invariably accompanied by a rise in the price of commodities but in such cases, it will be found that labour and all commodities have not varied in regard to each other, and that the variation has been confined to money.
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Taxation under every form presents but a choice of evils.
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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.
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Utility then is not the measure of exchangeable value, although it is absolutely essential to it.
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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.
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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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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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