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

David Ricardo

Gold and silver are no doubt subject to fluctuations, from the discovery of new and more abundant mines; but such discoveries are rare, and their effects, though powerful, are limited to periods of comparatively short duration.
DAVID RICARDO

Discover Doubt Fluctuation Gold Limitation Powerful Rare Silver Subject
Every transaction in commerce is an independent transaction.
DAVID RICARDO

Commerce Independent Transaction
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
Whenever, then, the usual and ordinary rate of the profits of agricultural stock, and all the outgoings belonging to the cultivation of land, are together equal to the value of the whole produce, there can be no rent.
DAVID RICARDO

Belong Ordinary Production Profit Rate Togetherness 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
The factors left out of the Ricardian equation are falling wages and idle capacity.
DAVID RICARDO

Capacity Equation Factor
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.
DAVID RICARDO

Advantage Economics Growth Heart Import Manufacture Principle
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
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
Profits are not made by differential cleverness, but by differential stupidity.
DAVID RICARDO

Clever Different Profit Stupidity
There can be no greater error then in supposing that capital is increased by non-consumption.
DAVID RICARDO

Consumption Errors Greatness Increase
Taxation under every form presents but a choice of evils.
DAVID RICARDO

Choice Evil Option
There can be no rise in the value of labour without a fall of profits.
DAVID RICARDO

Fall Labour Profit Rise Value
There is no way of keeping profits up but by keeping wages down.
DAVID RICARDO

Profit Wage Way Yourself
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
DAVID RICARDO

Earth Original Paid Rent Soil
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.

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

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