"The exchangeable value of all commodities rises as the difficulties of their production increase."
— David Ricardo
The Exchangeable Value Of All Commodities
The exchangeable value of all commodities rises as the difficulties of their production increase.
About this quote
From Principles of Political Economy and Taxation (1817), Chapter 1, "On Value." Ricardo was extending and refining Adam Smith's labor theory of value, arguing that the exchangeable value of goods is determined primarily by the quantity of labor required to produce them, with difficulty of production as the central variable. This chapter became one of the most debated texts in the history of economic thought.
Source
Principles of Political Economy and Taxation, Chapter 1 (1817)
