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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

The variation in the value of money, however great, makes no difference in the rate of profits.
DAVID RICARDO

Greatness Money Profit Rate Value
The factors left out of the Ricardian equation are falling wages and idle capacity.
DAVID RICARDO

Capacity Equation Factor
Every transaction in commerce is an independent transaction.
DAVID RICARDO

Commerce Independent Transaction
Nothing contributes so much to the prosperity and happiness of a country as high profits.
DAVID RICARDO

Contribute Country Happiness Prosperity
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.
DAVID RICARDO

Absolute Production Quantity Rate Requirement
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.
DAVID RICARDO

Capital Employment Flow Move Relative
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.
DAVID RICARDO

Competition Contract Control Freedom Legislature 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 a rise in the wages of labour would not equally affect commodities produced with machinery quickly consumed, and commodities produced with machinery slowly consumed.
DAVID RICARDO

Commodity Machine Production Rise Wage
Called an inquiry into the laws which determine the division of the produce.
DAVID RICARDO

Determination Division Law Production
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
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.
DAVID RICARDO

Commodity Enjoyment Increase Trade Value
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
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
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.
DAVID RICARDO

Discover Farm Land Myself Pieces Productive
The price of corn will naturally rise with the difficulty of producing the last portions of it.
DAVID RICARDO

Natural Portion Price
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
The demand for money is regulated entirely by its value, and its value by its quantity.
DAVID RICARDO

Demand Quantity 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
If a tax on malt would raise the price of beer, a tax on bread must raise the price of bread.
DAVID RICARDO

Beer Food Price Raise Tax
Taxation under every form presents but a choice of evils.
DAVID RICARDO

Choice Evil Option
But a tax on luxuries would no other effect than to raise their price. It would fall wholly on the consumer, and could neither increase wages nor lower profits.
DAVID RICARDO

Consume Effect Fall Luxury Price Profit Tax
A rise in wages, from an alteration in the value of money, produces a general effect on price, and for that reason it produces no real effect whatever on profits.
DAVID RICARDO

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

Farmer Live Manufacture Profit Wage
Profits are not made by differential cleverness, but by differential stupidity.
DAVID RICARDO

Clever Different Profit Stupidity
A BOUNTY on the exportation of corn tends to lower its price to the foreign consumer, but it has no permanent effect on its price in the home market.
DAVID RICARDO

Consumer Export Foreign Home Marketing Permanent Price
Neither a state nor a bank ever have had unrestricted power of issuing paper money without abusing that power.
DAVID RICARDO

Abuse Bank Power State

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.

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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.

Related Topics

Popular Authors

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