The natural price of labour is that price which is necessary to enable the labourers, one with another, to subsist and to perpetuate their race, without either increase or diminution.
David Ricardo Quotes
Gold and silver, like other commodities, have an intrinsic value, which is not arbitrary, but is dependent on their scarcity, the quantity of labour bestowed in procuring them, and the value of the capital employed in the mines which produce them.
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Comments on: "David Ricardo Quotes: Gold and silver, like other commodities, have an intrinsic value, which is not..."
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It is not to be understood that the natural price of labour, estimated even in food and necessaries, is absolutely fixed and constant. It varies at different times in the same country and very materially differs in different countries. It essentially depends on the habits and customs of the people.
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David Ricardo (62)
Birth: | 18th April, 1772 |
Death: | 11th September, 1823 |
Nationality: | British |
Profession: | Economist |
About
David Ricardo was born in London. He was a British political economist, stock trader, and author. He was often credited with systematising economics, and was one of the most influential of the classical economists, along with Thomas Malthus, Adam Smith, and John Stuart Mill.
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