“Gold is now money with reference to all other commodities only because it was previously, with reference to them, a simple commodity.”

— Karl Marx

Vol. I, Ch. 1, Section 3, pg. 81.
(Buch I) (1867)

Adopted from Wikiquote. Last update Oct. 1, 2023. History

Help us to complete the source, original and additional information

Do you have more details about the quote "Gold is now money with reference to all other commodities only because it was previously, with reference to them, a sim…" by Karl Marx?

Karl Marx 290

German philosopher, economist, sociologist, journalist and … 1818–1883

Related quotes

“Money is a commodity … not a useless token only good for exchanging; … It differs from other commodities in being demanded mainly as a medium of exchange.”

Murray N. Rothbard book What Has Government Done to Our Money?

What Has Government Done to Our Money? (1980)

“When central banks print a lot of money to relieve a crisis, buy stocks, gold, and commodities because their value will rise and the value of paper money will fall.”

Ray Dalio (1949) American businessman

" Principles for Dealing with the Changing World Order by Ray Dalio https://www.youtube.com/watch?v=xguam0TKMw8" (at 6m43s), Principles by Ray Dalio, 2 March 2022.

“We have just seen that, apart from money-capital, circulating capital is only another name for commodity-capital. But to the extent that labour power circulates in the market, it is not capital, no form of commodity-capital. It is not capital at all; the labourer is not a capitalist, although he brings a commodity to market, namely his own skin.”

Karl Marx book Das Kapital

Source: Das Kapital (Buch II) (1893), Vol. II, Ch. X, p. 211.

“Every commodity is compelled to chose some other commodity for its equivalent.”

Karl Marx (1818–1883) German philosopher, economist, sociologist, journalist and revolutionary socialist

Vol. I, Ch. 1, Section 3, pg. 65.
(Buch I) (1867)

“The circulation of commodities is the original precondition of the circulation of money.”

Karl Marx (1818–1883) German philosopher, economist, sociologist, journalist and revolutionary socialist

Grundrisse (1857-1858)
Source: Notebook I, The Chapter on Money, p. 107.

“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 (1772–1823) British political economist, broker and politician

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

“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 (1772–1823) British political economist, broker and politician

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

“Television was supposed to be a national park. (Instead) it has become a money machine… It’s a commodity now, just like pork bellies.”

Fred W. Friendly (1915–1998) President of CBS News

Quoted by Rushworth M Kidder “Videoculture” Christian Science Monitor 10 Jun 85

“Money is different from all other commodities: other things being equal, more shoes, or more discoveries of oil or copper benefit society, since they help alleviate natural scarcity. But once a commodity is established as a money on the market, no more money at all is needed. Since the only use of money is for exchange and reckoning, more dollars or pounds or marks in circulation cannot confer a social benefit: they will simply dilute the exchange value of every existing dollar or pound or mark. So it is a great boon that gold or silver are scarce and are costly to increase in supply.
But if government manages to establish paper tickets or bank credit as money, as equivalent to gold grams or ounces, then the government, as dominant money-supplier, becomes free to create money costlessly and at will. As a result, this 'inflation' of the money supply destroys the value of the dollar or pound, drives up prices, cripples economic calculation, and hobbles and seriously damages the workings of the market economy.”

Murray N. Rothbard (1926–1995) American economist of the Austrian School, libertarian political theorist, and historian

"Taking Money Back" http://mises.org/story/2882, in The Freeman (September - October 1995) http://www.fee.org/publications/the-freeman/.

“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 (1772–1823) British political economist, broker and politician

Advertisement To The Third Edition, p. 3
The Principles of Political Economy and Taxation (1821) (Third Edition)

“Gold is now money with reference to all other commodities only because it was previously, with reference to them, a simple commodity.”

Help us to complete the source, original and additional information

Karl Marx 290

Related quotes

Related topics