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David Ricardo Biography

David Ricardo (18 April 1772 – 11 September 1823) was a British political economist, one of the most influential of the classical economists along with Thomas Malthus, Adam Smith and James Mill.

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David Ricardo Quotes

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.

Conform, Country, Gold, Money, Value, Variation

As the revenue of the farmer is realized in raw produce, or in the value of raw produce, he is interested, as well as the landlord, in its high exchangeable value, but a low price of produce may be compensated to him by a great additional quantity.

Farmer, Lows, May, Produce, Raw, Value

The produce of the earth - all that is derived from its surface by the united application of labour, machinery, and capital, is divided among three classes of the community, namely, the proprietor of the land, the owner of the stock or capital necessary for its cultivation, and the labourers by whose industry it is cultivated.

Class, Community, Land, Machinery, Owner, Produce

Like all other contracts, wages should be left to the fair and free competition of themarket, and should never be controlled by the interference of the legislature.

Competition, Contracts, Fair, Free, Wages, Wisdom

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?

Hamburgh, Ifs, Money, Proof, Risen

It is not by the absolute quantity of produce obtained by either class, that we can correctly judge of the rate of profit, rent, and wages, but by the quantity of labour required to obtain that produce.

Class, Judging, Obtain, Produce, Wages

If I discover a manure which will enable me to make a piece of land produce 20 per cent more corn, I may withdraw at least a portion of my capital from the most unproductive part of my farm.

Capital, Corn, Land, May, Pieces, Withdraw

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.

Hundred, Interest, Lent, Rate

In the same manner if any nation wasted part of its wealth, or lost part of its trade, it could not retain the same quantity of circulating medium which it before possessed.

Wealth, Lost, Trade, Quantity, Possessed

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

Demand, Quantity, Values, Entirely, Value

During the period of capital moving from one employment to another, the profits on that to which capital is flowing will be relatively high, but will continue so no longer than till the requisite capital is obtained.

Continue, Employment, High, Moved On, Moving

Money is neither a material to work upon nor a tool to work with.

Material, Materials, Money, Tool, Tools, Work

Rent is the portion of the earth, which is paid to the landlord for the user of the original and indestructible powers of the soil

Earth, Portion, Portions, Soil, User

Nothing contributes so much to the prosperity and happiness of a country as high profits.

Country, Happiness, Happy, High, Prosperity

Profits are not made by differential cleverness, but by differential stupidity.

Cleverness, Made, Profit, Profits, Stupidity

It is here we come to the heart of the matter. The economic principle of comparative advantage', 'a country may, in return for manufactured commodities, import corn even if it can be grown with less labour than in the country from which it is imported

Country, Economic, Heart, Principle, Principles, Return

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.

Although, Commodity, Country, Extension, Increase, Value

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.

Commodity, Gross, Men, Pay, Taxes, Usually

Neither a state nor a bank ever have had unrestricted power of issuing paper money without abusing that power.

Economics, Issuing, Money, Paper, Power, States

Experience, however, shows that neither a state nor a bank ever have [sic] had the unrestricted power of issuing paper money without abusing that power; in all states, therefore, the issue of paper money ought to be under some check and control; and none seems so proper for that purpose as that of subjecting the issuers of paper money to the obligation of paying their notes either in gold coin or bullion.

Abusing, Gold, Issues, Notes, Purpose, Unrestricted

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David Ricardo Biography

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