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Quotation from On the Principles of Political Economy and Taxation by David Ricardo
“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.”
On the Principles of Political Economy and Taxation, Chapter V: On wages (On the Principles of Political Economy, and Taxation, 1st ed. (London: John Murray, 1817), Project Gutenberg #33310)
The opening of the chapter on wages, where Ricardo distinguishes the natural price of labour, fixed by the cost of the labourer's subsistence, from the market price set by supply and demand.
Citation: "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." — David Ricardo, On the Principles of Political Economy and Taxation, Chapter V: On wages (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-q4)
