David Ricardo：On the Principles of Political Economy and Taxation, Excerpt 43

A rise in wages, from an alteration in the value of money, produces a general effect on price, and for that reason it produces no real effect whatever on profits. On the contrary, a rise of wages, from the circumstance of the labourer being more liberally rewarded, or from a difficulty of procuring the necessaries on which wages are expended, does not produce the effect of raising price, but has a great effect in lowering profits. In the one case, no greater proportion of the annual labour of the country is devoted to the support of the labourers, in the other case, a larger portion is so devoted.

Source： https://www.gutenberg.org/ebooks/33310
Locator：Excerpt 43 · Verified：2026-10-19 · Verification：Short excerpt

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