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Quotation from On the Principles of Political Economy and Taxation by David Ricardo
“Utility then is not the measure of exchangeable value, although it is absolutely essential to it.”
On the Principles of Political Economy and Taxation, Chapter I: On value (On the Principles of Political Economy, and Taxation, 1st ed. (London: John Murray, 1817), Project Gutenberg #33310)
Early in the chapter on value, after Adam Smith's contrast of water and gold, Ricardo sets aside usefulness as the measure of price and turns to scarcity and the labour needed to produce goods.
Citation: "Utility then is not the measure of exchangeable value, although it is absolutely essential to it." — David Ricardo, On the Principles of Political Economy and Taxation, Chapter I: On value (On the Principles of Political Economy, and Taxation, 1st ed. (London: John Murray, 1817), Project Gutenberg #33310). (id ricardo-principles-of-political-economy-and-taxation-q2)
