David Ricardo

Economist Politician British 1772 – 1823

Developed comparative advantage theory and law of diminishing returns.

367 quotes

"The rewards of labour depend on the efficiency with which it is employed."
Work
"Capital accumulation is the path to national and individual prosperity."
Success
"Monetary expansion without corresponding production increases leads only to higher prices."
Money
"The equilibrium of trade is maintained through the principle of comparative advantage."
"Understanding economics requires understanding human behaviour and incentives."
Wisdom
"The distribution of wealth determines the character of society."
Justice
"Labour-saving machinery ultimately creates more employment than it destroys."
Technology
"A country's natural resources are less important than its capital and labour."
Philosophy
"The expansion of markets through free trade elevates all participants."
Success
"Profit is the incentive that drives economic progress and innovation."
Motivation
"The standard of living rises with increases in productive capital per worker."
"Efficient production requires the proper combination of land, labour, and capital."
Wisdom
"The market price of labour oscillates around its natural price based on demand."
Philosophy
"To create wealth, one must produce value greater than the cost of production."
Work
"The principles of political economy are universal and apply to all nations."
Knowledge
"A nation cannot grow rich through currency expansion alone but only through production."
Truth
"The cost of living directly affects the natural price of labour."
Work
"Economic progress requires both innovation and the accumulation of capital."
Inspiration
"The prosperity of labourers depends on the growth of productive capital."
Hope
"Competition ensures that prices reflect the true cost of production."
Justice
"The application of science to production increases efficiency and reduces costs."
Science
"Market forces naturally regulate supply and demand without government interference."
Freedom
"Understanding the principles of value is key to understanding economics itself."
Knowledge
"Wealth is not the possession of goods but the capacity to produce them."
Wisdom
"The true measure of a nation's wealth is the well-being of its workers."
Truth
"Economic principles are discovered through logical reasoning and careful observation."
Philosophy
"The natural effort of every individual to better his own condition is so powerful that it is alone, and without any assistance, not only capable of carrying on the society to wealth and prosperity, but is continually assending."
Success
"Labor, like all other things which are purchased and sold, has its natural price and its market price."
Work
"Wages depend on the proportion between the population and capital. Capital is that part of the wealth of a country which is employed in production."
Money
"The most important thing in political economy is to understand the principles that regulate the distribution of the produce among the different classes of society."
Justice