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

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

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Karl Marx290

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

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

Vol. I, Ch. 1, Section 3, pg. 65.
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“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

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“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.”

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Karl Marx290

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