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Utility then is not the measure of exchangeable value, although it is absolutely essential to it.

David Ricardo

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

Farmer Live Manufacture Profit Wage
If then the prosperity of the commercial classes, will most certainly lead to accumulation of capital, and the encouragement of productive industry; these can by no means be so surely obtained as by a fall in the price of corn.
DAVID RICARDO

Capital Class Commercial Encouragement Prosperity
The variation in the value of money, however great, makes no difference in the rate of profits.
DAVID RICARDO

Greatness Money Profit Rate 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
The wheat bought by a farmer to sow is comparatively a fixed capital to the wheat purchased by a baker to make into loaves.
DAVID RICARDO

Capital Farmer Purchase
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
The factors left out of the Ricardian equation are falling wages and idle capacity.
DAVID RICARDO

Capacity Equation Factor
Money is neither a material to work upon nor a tool to work with.
DAVID RICARDO

Material Money Tools Work
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
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 might also increase, because improvements might take place in agriculture, or in the implements of husbandry, which would augment the produce with the same cost of production.
DAVID RICARDO

Agriculture Husband Improvement Profit
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
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

Utility then is not the measure of exchangeable value, although it is absolutely essential to it.

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Utility then is not the measure of exchangeable value, although it is absolutely essential to it.

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