David Ricardo：On the Principles of Political Economy and Taxation, Excerpt 328

I have elsewhere attempted to shew that a partial degradation in the value of money, which shall affect both agricultural produce, and manufactured commodities, cannot possibly be permanent. To say that money is partially degraded, in this sense, is to say that all commodities are at a high price; but while gold and silver are at liberty to make purchases in the cheapest market, they will be exported for the cheaper goods of other countries, and the reduction of their quantity will increase their value at home; commodities will regain their usual level, and those fitted for foreign markets will be exported, as before.

Source： https://www.gutenberg.org/ebooks/33310
Locator：Excerpt 328 · Verified：2026-10-19 · Verification：Short excerpt

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