David Ricardo: Value

“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

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter VII, On Foreign Trade, p. 93

Money

“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

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter XXXII, Malthus on Rent, p. 273

Understanding , Wealth

“I have endeavoured to show that the ability to pay taxes depends, not on the gross money value of the mass of commodities, nor on the net money value of the revenue of capitalists and landlords, but on the money value of each man's revenue compared to the money value of the commodities which he usually consumes.”

David Ricardo

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The Principles of Political Economy and Taxation (1821) (Third Edition)

Money , Dependency

“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.”

David Ricardo

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter XXXII, Malthus on Rent, p. 288

Money

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

David Ricardo

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter XIII, Taxes on Gold, p. 123

Money

“Neither machines, nor the commodities made by them, rise in real value, but all commodities made by machines fall, and fall in proportion to their durability.”

David Ricardo

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter I, Section V, On Value, p. 26

“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

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter III, On the Rent of Mines, p. 47

Money , Nature , Country

“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

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter I, Section I, On Value, p. 5

“Utility then is not the measure of exchangeable value, although it is absolutely essential to it.”

David Ricardo

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter I, Section I, On Value, p. 5

“The variation in the value of money, however great, makes no difference in the rate of profits;…”

David Ricardo

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter I, On Value, p. 32

Money

“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.”

David Ricardo

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter XXVII, Currency and Banks, p. 246

Money

“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

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter VII, On Foreign Trade, p. 77

Country

“Mr. Malthus says, " It has been justly observed by Adam Smith that no equal quantity of productive labour employed in manufactures can ever occasion so great a reproduction as in agriculture. " If Adam Smith speaks of value, he is correct; but if he speaks of riches, which is the important point, he is mistaken; for he has himself defined riches to consist of the necessaries, conveniences, and enjoyments of human life. One set of necessaries and conveniences admits of no comparison with another set; value in use cannot be measured by any known standard; it is differently estimated by different persons.”

David Ricardo

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter XXXII, Malthus on Rent, p. 292

Life , Personality

“If I have to hire a labourer for a week, and instead of ten shillings I pay him eight, no variation having taken place in the value of money, the labourer can probably obtain more food and necessaries with his eight shillings than he before obtained for ten: but this is owing, not to a rise in the real value of his wages, as stated by Adam Smith, and more recently by Mr. Malthus, but to a fall in the value of the things on which his wages are expended, things perfectly distinct; and yet for calling this a fall in the real value of wages, I am told that I adopt new and unusual language, not reconcilable with the true principals of the science. To me it appears that the unusual and, indeed, inconsistent language is that used by my opponents.”

David Ricardo

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter I, Section I, On Value, p. 11

Money , Science , Appearance , Food