“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

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "It has therefore been justly observed that however honestly the coin of a country may conform to its standard, money ma…" by David Ricardo?

David Ricardo37

British political economist, broker and politician 1772–1823

Related quotes

“If the world as a whole returned to the gold standard there would be such fluctuations in the value of gold that it would very soon prove impractical.
Today an international gold standard could only mean that a few countries would maintain a real gold standard. The other countries would hang on to the system through a gold exchange standard — where the currency isn't really redeemable in gold but the government attempts to keep a fixed rate between its currency and gold.”

Friedrich Hayek (1899–1992) Austrian and British economist and Nobel Prize for Economics laureate

1980s and later, Interview in Silver & Gold Report (1980)

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

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

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

“Silver and gold are not the only coin; virtue too passes current all over the world.”

Euripidés (-480–-406 BC) ancient Athenian playwright

Œdipus, Frag. 546

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

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

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

“Thus money is almost always something hovering between a commodity and a debt-token. This is probably why coins—pieces of silver or gold that are already valuable commodities in themselves, but that, being stamped with the emblem of local authority, became even more valuable—still sit in our heads as the quintessential form of money. They most perfectly straddle the divide that defines what money is in the first place. What's more, the relation between the two was a matter of constant political conversation. In other words, the battle between state and market, between governments and merchants is not inherent to the human condition.”

David Graeber (1961) American anthropologist and anarchist

Source: Debt: The First 5,000 Years (2011), Chapter Four, "Cruelty and Redemption", p. 75

“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.