Needs Quote by David Ricardo
“In comparing therefore the value of the same commodity, at different periods of time, the consideration of the comparative skill and intensity of labour, required for that particular commodity, needs scarcely to be attended to, as it operates equally at both periods.”
About This Quote
Source Book: Principles of Political Economy and Taxation, 1817
The value of a commodity over time depends mainly on the labour required, not on changing skill or intensity.
In simple terms: Labour determines value, not skill changes.
Key Takeaway
Focus on labour input when assessing value.
Themes
economics
value theory
labour theory
history
Mood
analytical
reflective
Type
theoretical
historical
When to use this quote
- historical analysis
- economic policy
- business valuation
Key Concepts
comparative advantage
labour intensity
price formation
Questions to Reflect On
- How does labour theory explain modern price fluctuations?
- What role do technology and scarcity play today?
A Different Perspective
Ignores non‑labour factors like technology or scarcity.
