The factors left out of the Ricardian equation are falling wages and idle capacity.
DAVID RICARDOBut 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.
More David Ricardo Quotes
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The interest of the landlord is always opposed to the interests of every other class in the community.
DAVID RICARDO -
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 -
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 -
Profits are not made by differential cleverness, but by differential stupidity.
DAVID RICARDO -
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 -
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 -
There can be no greater error then in supposing that capital is increased by non-consumption.
DAVID RICARDO -
Again two manufacturers may employ the same amount of fixed, and the same amount of circulating capital; but the durability of their fixed capitals may be very unequal.
DAVID RICARDO -
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.
DAVID RICARDO -
Gold, on the contrary, though of little use compared with air or water, will exchange for a great quantity of other goods.
DAVID RICARDO -
I wish that I may never think the smiles of the great and powerful a sufficient inducement to turn aside from the straight path of honesty and the convictions of my own mind.
DAVID RICARDO -
Taxation under every form presents but a choice of evils.
DAVID RICARDO -
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 -
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 -
Money is neither a material to work upon nor a tool to work with.
DAVID RICARDO