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Taxation under every form presents but a choice of evils.

David Ricardo

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.
DAVID RICARDO

Nation Possession Quantity Wasted Time
Profits are not made by differential cleverness, but by differential stupidity.
DAVID RICARDO

Clever Different Profit Stupidity
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.
DAVID RICARDO

Bank Issue Loan Money Value
To alter the money value of commodities, by altering the value of money, and yet to raise the same money amount by taxes, is then undoubtedly to increase the burthens of society.
DAVID RICARDO

Commodity Doubt Increase Money Value
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?
DAVID RICARDO

Evidence Money Rise Value
The farmer and manufacturer can no more live without profit than the labourer without wages.
DAVID RICARDO

Farmer Live Manufacture Profit Wage
Whenever the current of money is forcibly stopped, and when money is prevented from settling at its just level, there are no limits to the possible variations of the exchange.
DAVID RICARDO

Current exchange Money Prevent Variation
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.
DAVID RICARDO

Clear Compare Connection Demand Labor Necessary Price
After all the fertile land in the immediate neighbourhood of the first settlers were cultivated, if capital and population increased, more food would be required, and it could only be procured from land not so advantageously situated.
DAVID RICARDO

Cultivate Fertile Land Population Requirement Situation
The demand for money is regulated entirely by its value, and its value by its quantity.
DAVID RICARDO

Demand Quantity Value
Labour, like all other things which are purchased and sold, has its natural and its market price.
DAVID RICARDO

Market Natural Price Purchase Sold Value
If a commodity were in no way useful, – in other words, if it could in no way contribute to our gratification, – it would be destitute of exchangeable value, however scarce it might be, or whatever quantity of labour might be necessary to procure it.
DAVID RICARDO

Commodity Contribute exchange Necessary Quantity Scarce Way
For price is everywhere regulated by the return obtained by this last portion of capital, for which no rent whatever is paid.
DAVID RICARDO

Capital Pay Portion Price
If the demand for home commodities should be diminished, because of the fall of rent on the part of the landlords, it will be increased in a far greater degree by the increased opulence of the commercial classes.
DAVID RICARDO

Class Commercial Commodity Degree Demand Greatness Home
Gold and silver, like other commodities, have an intrinsic value, which is not arbitrary, but is dependent on their scarcity, the quantity of labour bestowed in procuring them, and the value of the capital employed in the mines which produce them.
DAVID RICARDO

Commodity Employment Gold Production Quantity Silver Value
Every transaction in commerce is an independent transaction.
DAVID RICARDO

Commerce Independent Transaction

Taxation under every form presents but a choice of evils.

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Taxation under every form presents but a choice of evils.

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