David Ricardo：On the Principles of Political Economy and Taxation, Excerpt 116

If a manufacturer always sold his goods for the same money, for 1000_l._ for example, his profits would depend on the price of the labour necessary to manufacture those goods. His profits would be less when wages amounted to 800_l._ than when he paid only 600_l._ In proportion then as wages rose, would profits fall. But if the price of raw produce would increase, it may be asked, whether the farmer at least would not have the same rate of profits, although he should pay an additional price for wages? Certainly not: for he will not only have to pay, in common with the manufacturer, an increase of wages to each labourer he employs, but he will be obliged either to pay rent, or to employ an additional number of labourers to obtain the same produce; and the rise in the price of raw produce will be proportioned only to that rent, or that additional number, and will not compensate him for the rise of wages.

Source： https://www.gutenberg.org/ebooks/33310
Locator：Excerpt 116 · Verified：2026-10-19 · Verification：Short excerpt

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