David Ricardo

Economist Politician British 1772 – 1823

Developed comparative advantage theory and law of diminishing returns.

367 quotes

"No improvement in the condition of the laboring classes can be permanent unless it is accompanied by an increase in their moral and intellectual improvement."
Education
"The most valuable of all capital is that employed in the improvement and civilization of mankind."
Education
"Value in exchange is determined by the relative quantities of labour necessary for production."
Money
"The progress of society depends upon the increase of capital and the improvement of productive power."
Success
"The natural tendency of profits is to fall, as capital accumulates and population increases."
Work
"Labor productivity increases with the division of labor and the accumulation of capital."
Work
"The rise and fall of prices depend on the supply of and demand for commodities."
Money
"A national debt is a burthen on the property and labor of the country."
Politics
"The corn laws restrict the supply of cheap food to the working classes and thus increase wages."
Politics
"The reduction of the price of corn necessarily benefits the manufacturer, because it reduces the price of labour."
Money
"The discovery of new markets and the exploitation of new sources of raw materials are essential to continued economic growth."
Adventure
"Capital is not only a current income, but an accumulated stock of the results of past labor."
Work
"The prosperity of a nation depends on the productivity of its labor and the accumulation of its capital."
Success
"The natural price of labor is that price which is necessary to enable the laborers to subsist and perpetuate their race."
Work
"The price of any commodity rises and falls according as the demand for it increases or diminishes."
Money
"The rent of land is in proportion to its fertility and the demand for its produce."
Politics
"Every increase in the capital of a country tends to increase the real wealth and power of that country."
Success
"The laboring classes are more interested in the rate of wages than in the price of any particular commodity."
Work
"When the capital of a country increases, the wages of labor naturally rise."
Work
"The interest of the merchant is the same as that of the consumer, but opposite to that of the producer."
"The farmer cultivates not for the purpose of producing food, but for the purpose of obtaining a profit."
Work
"The real cost of production of any commodity is the quantity of labor necessary for its production."
Work
"Capital and labor are the two great agents of production, and their proper combination is essential to prosperity."
Success
"The accumulation of capital is the foundation of all improvement in the condition of society."
Motivation
"When profits fall, capital will cease to be accumulated, and the progress of society will be arrested."
"The progress of civilization depends upon the acquisition and accumulation of knowledge."
Knowledge
"The natural rate of interest is the rate which will bring the supply of and demand for capital into equilibrium."
Money
"The prices of commodities are determined by the relative quantities of labor required for their production."
Money
"International trade is beneficial because it allows each nation to specialize in what it does best."
Wisdom
"The standard of living of the working classes depends upon the rate of wages relative to the price of necessaries."
Work