The exchangeable value of all commodities rises as the difficulties of their production increase. David Ricardo More Quotes by David Ricardo More Quotes From David Ricardo Every transaction in commerce is an independent transaction. David Ricardo transactions commerce independent Utility then is not the measure of exchangeable value, although it is absolutely essential to it. David Ricardo utility values essentials For price is everywhere regulated by the return obtained by this last portion of capital, for which no rent whatever is paid. David Ricardo portions return lasts 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? David Ricardo risen proof ifs The factors left out of the Ricardian equation are falling wages and idle capacity. David Ricardo wages capacity fall Possessing utility, commodities derive their exchangeable value from two sources: from their scarcity, and from the quantity of labour required to obtain them. David Ricardo commodity scarcity two The variation in the value of money, however great, makes no difference in the rate of profits. David Ricardo variation profit differences If then the prosperity of the commercial classes, will most certainly lead to accumulation of capital, and the encouragement of productive industry; these can by no means be so surely obtained as by a fall in the price of corn. David Ricardo encouragement mean fall 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. David Ricardo demand errors political 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. David Ricardo wealth opinion add 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. David Ricardo able important principles 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. David Ricardo durability may two 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. David Ricardo variation gold country 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 bakers fixed wheat Whenever the current of money is forcibly stopped, and when money is prevented from settling at its just level, there are no limits to the possible variations of the exchange. David Ricardo variation levels limits 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. David Ricardo moved-on employment moving If the demand for home commodities should be diminished, because of the fall of rent on the part of the landlords, it will be increased in a far greater degree by the increased opulence of the commercial classes. David Ricardo home class fall 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. David Ricardo scarcity arbitrary gold 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 machinery commodity wages 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. David Ricardo agriculture cost might
