Quotation of the Day…

by Don Boudreaux on April 18, 2017

in Economics, Trade

… is from a letter that David Ricardo wrote to T.R. Malthus sometime between 1820 and 1823 and available here:

51ZC-m8zKcL._SX324_BO1,204,203,200_I at any rate shall not be suspected of undervaluing the benefits of a free trade. Commerce is an interchange of conveniences and luxuries.  In proportion as the market is extended, the people of every country are enabled to make the best division of their labour, and the most advantageous use of their exertions.  Not only does it enable them to procure better and cheaper commodities, which, if there be no other means of getting, they can make themselves, but it furnishes them with the means of getting other commodities, which but for foreign commerce they would never get at all; their climate being unfitted to their production.

DBx: Ricardo was born, in London, 245 years ago today, and tomorrow is the 200th anniversary of the publication of his On the Principles of Political Economy and Taxation.


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