David Ricardo Quotes
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The factors left out of the Ricardian equation are falling wages and idle capacity.
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Like all other contracts, wages should be left to the fair and free competition of themarket, and should never be controlled by the interference of the legislature.
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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.
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The interest of the landlord is always opposed to the interests of every other class in the community.
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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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Neither a state nor a bank ever have had unrestricted power of issuing paper money without abusing that power.
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Every transaction in commerce is an independent transaction.
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Labour, like all other things which are purchased and sold... has its natural and its market price.
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If English money was of the same value then as before, Hamburgh money must have risen in value. But where is the proof of this?
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Nothing contributes so much to the prosperity and happiness of a country as high profits.
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During the period of capital moving from one employment to another, the profits on that to which capital is flowing will be relatively high, but will continue so no longer than till the requisite capital is obtained.
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There can be no rise in the value of labour without a fall of profits.
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If a tax on malt would raise the price of beer, a tax on bread must raise the price of bread.
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The last point for consideration is the supposed disposition of the people to interfere with the rights of property. So essential does it appear to me, to the cause of good government, that the rights of property should be held sacred, that I would agree to deprive those of the elective franchise against whom it could justly be alleged that they considered it their interest to invade them.
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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.
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It is here we come to the heart of the matter. The economic principle of comparative advantage', 'a country may, in return for manufactured commodities, import corn even if it can be grown with less labour than in the country from which it is imported
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After all the fertile land in the immediate neighbourhood of the first settlers were cultivated, if capital and population increased, more food would be required, and it could only be procured from land not so advantageously situated.
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Whether a bank lent one million, ten million, or a hundred millions, they would not permanently alter the market rate of interest; they would alter only the value of the money they issued.
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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.
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There can be no greater error then in supposing that capital is increased by non-consumption.
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A BOUNTY on the exportation of corn tends to lower its price to the foreign consumer, but it has no permanent effect on its price in the home market.
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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.
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The opinions that the price of commodities depends solely on the proportion of supply and demand, or demand to supply, has become almost an axiom in political economy, and has been the source of much error in that science.
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...I wish that I may never think the smiles of the great and powerful a sufficient inducement to turn aside from the straight path of honesty and the convictions of my own mind.
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Adam Smith, and other able writers to whom I have alluded, not having viewed correctly the principles of rent, have, it appears to me, overlooked many important truths, which can only be discovered after the subject of rent is thoroughly understood.
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I have already expressed my opinion on this subject in treating of rent, and have now only further to add, that rent is a creation of value, as I understand that word, but not a creation of wealth.
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Called an inquiry into the laws which determine the division of the produce.
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The farmer and manufacturer can no more live without profit than the labourer without wages.
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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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