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Possessing utility, commodities derive their exchangeable value from two sources: from their scarcity, and from the quantity of labour required to ob… - David Ricardo
" "Possessing utility, commodities derive their exchangeable value from two sources: from their scarcity, and from the quantity of labour required to obtain them.
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About David Ricardo
David Ricardo (19 April 1772 – 11 September 1823) was an English political economist, often credited with systematizing economics, and was one of the most influential of the classical economists. He was also a member of Parliament, businessman, financier and speculator.
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LABOUR, like all other things which are purchased and sold, and which may be increased or diminished in quantity, has its natural and its market price. The natural price of labour is that price which is necessary to enable the labourers, on with another, to subsist and to perpetuate their race, without either increase or diminution.
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