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But a tax on luxuries would no other effect than to raise their price. It would fall wholly on the consumer, and could neither increase wages nor lower profits.

— David Ricardo The Principles of Political Economy and Taxation (1821)

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More quotes by David Ricardo

Utility then is not the measure of exchangeable value, although it is absolutely essential to it.

The Principles of Political Economy and Taxation (1821)

Every transaction in commerce is an independent transaction.

The Principles of Political Economy and Taxation (1821)

Possessing utility, commodities derive their exchangeable value from two sources: from their scarcity, and from the quantity of labour required to obtain them.

The Principles of Political Economy and Taxation (1821)

There can be no greater error then in supposing that capital is increased by non-consumption.

The Principles of Political Economy and Taxation (1821)

If a tax on malt would raise the price of beer, a tax on bread must raise the price of bread.

The Principles of Political Economy and Taxation (1821)

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