David Ricardo

Economist Politician British 1772 – 1823

Developed comparative advantage theory and law of diminishing returns.

367 quotes

"The quantity of labour determines the exchangeability of commodities."
Work
"Nations should specialize in what they produce most efficiently."
Success
"The cost of labour includes not only wages but the time spent in training."
Work
"Taxes must be designed to encourage productive activity and discourage idleness."
Politics
"The prosperity of a nation depends on the extent of its capital and productive labour."
Motivation
"Every tax is a species of taking from the laboring community."
Justice
"The stability of currency is essential to the healthy functioning of commerce."
Truth
"Demand and supply are the regulating principles of the market."
Philosophy
"A country's wealth should be measured not in gold but in productive capacity."
Wisdom
"The natural consequence of accumulation is the elevation of the working classes."
Hope
"To promote commerce is to promote the general welfare of society."
Success
"Restrictions on trade create inefficiency and ultimately reduce national wealth."
Freedom
"The principle of rent arises from the unequal fertility of lands."
Nature
"Population tends to increase faster than the means of subsistence."
Philosophy
"The value of labour is not determined by its scarcity alone but by its productiveness."
Work
"Agricultural progress benefits the entire economy through lower food costs."
Science
"A just taxation system encourages investment and deters waste."
Justice
"Machinery, though it may displace labour, increases the overall wealth of nations."
"The real advances of a nation are measured by improvements in productive power."
Success
"Interest on capital is the reward for forgoing present consumption."
Money
"The labourer who produces more value earns higher wages naturally."
Work
"Commerce between nations, like commerce between individuals, is mutually beneficial."
Peace
"The cost of production determines the long-run price of commodities."
Philosophy
"To understand prices, one must understand the cost of labour to produce them."
Knowledge
"Profit motives drive individuals to employ capital productively."
Motivation
"The abundance of capital leads to lower interest rates and more investment."
Money
"Improvements in agricultural methods increase food supply and lower costs."
Science
"The division of labour is the source of human progress and prosperity."
Work
"A nation's strength lies in the productivity of its labourers."
Strength
"Economic truth must be sought through rigorous analysis, not mere observation."
Knowledge