“But it is clear that the price of labour has no necessary connection with the price of food, since it depends entirely on the supply of labourers compared with the demand.”

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter XVI, Taxes on Wages, p. 141

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British political economist, broker and politician 1772–1823

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“LABOUR, like all other things which are purchased and sold, and which may be increased or diminished in quantity, has its natural and its market price. The natural price of labour is that price which is necessary to enable the labourers, on with another, to subsist and to perpetuate their race, without either increase or diminution.”

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Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter V, On Wages, p. 52

“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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“Which comes first — price being set by the intersection of supply and demand, or individual firms equating marginal cost to price?”

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“Demand and supply are the opposite extremes of the beam, whence depend the scales of dearness and cheapness; the price is the point of equilibrium, where the momentum of the one ceases, and that of the other begins.”

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“Thou, O God, dost sell us all good things at the price of labour.”

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Grundrisse (1857-1858)
Source: Notebook I, The Chapter on Money, p. 58.

“But it is clear that the price of labour has no necessary connection with the price of food, since it depends entirely on the supply of labourers compared with the demand.”

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David Ricardo37

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