Utilitarians

"For philosophy and history alike have taught...to seek not what is "safe," but what is true."

"It is sometimes said that we live in an age that rejects authority. The statement, thus qualified, seems misleading; probably there never was a time when the number of beliefs held by each individual, undemonstrated and unverified by himself, was greater. But it is true that we only accept authority of a peculiar sort; the authority, namely, that is formed and maintained by the unconstrained agreement of individual thinkers, each of whom we believe to be seeking truth with single-mindedness and sincerity, and declaring what he has found with scrupulous veracity, and the greatest attainable exactness and precision."

"We deny the right of any portion of the species to decide for another portion what is and what is not their ‘proper sphere’. The proper sphere for all human beings is the largest and highest which they are able to attain to."

"There is no inherent reason or necessity that all women should voluntarily choose to devote their lives to one animal function and its consequences. Numbers of women are wives and mothers only because there is no other career open to them, no other occupation for their feelings or activities. Every improvement in their education, and enlargement of their faculties, everything which renders them more qualified for any other mode of life, increases the number of those to whom it is an injury and an oppression to be denied the choice. To say that women must be excluded from active life because maternity disqualifies them for it, is in fact to say that every other career should be forbidden them, in order that maternity may be their only resource."

"if we look to the great majority of cases, the effect of women’s legal inferiority, on the character both of women and of men, must be painted in far darker colours. We do not speak here of the grosser brutalities, nor of the man’s power to seize on the woman’s earnings, or compel her to live with him against her will. We do not address ourselves to any one who requires to have it proved that these things should be remedied. We suppose average cases, in which there is neither complete union nor complete disunion of feelings and character; and we affirm, that, in such cases, the influence of the dependence on the woman’s side is demoralising to the character of both."

"To the beloved and deplored memory of her who was the inspirer, and in part the author, of all that is best in my writings – the friend and wife whose exalted sense of truth and right was my strongest incitement, and whose approbation was my chief reward – I dedicate this volume. Like all that I have written for many years, it belongs as much to her as to me ... Were I but capable of interpreting to the world one half the great thoughts and noble feelings which are buried in her grave, I should be the medium of a greater benefit to it, than is ever likely to arise from anything that I can write, unprompted and unassisted by her all but unrivaled wisdom."

"Close on a century after the event, this interpretative error re-evokes the error Marshall made in relation to the theory of Ricardo, and of the classical economists in general. Marshall, as we well know, held that they were aware of only one of the two blades of the scissors determining price –the supply side, but not the demand side. In this case, too, classical analysis was rendered comparable to the analysis in terms of demand and supply equilibrium by introducing the assumption of constant returns. Such an assumption, however, cannot be held to represent a general constitutive element of classical analysis: classical economists had quite different ideas on returns to scale, and moreover conceived them in the context of a dynamic analysis. Let us recall, for example, Smith’s ideas about the relationship connecting division of labour (and hence productivity) to the size of the market, or the role played by decreasing returns in agriculture in the analyses of Malthus, West, Torrens, Ricardo and a host of others. Sraffa, who in his critical edition of Ricardo’s Works and Correspondence had, among other things, also disputed Marshall’s interpretation, foresaw quite clearly that the same error would once again crop up in connection with his own analysis. Indeed, he appeared ready to accept the inevitable, though up to a point."

"The factors left out of the Ricardian equation are falling wages and idle capacity."

"It is David Ricardo's unique position in history that he was an innovating force in both capitalist and socialist thought."

"Ricardo's theory is absolutely right—within its narrow confines. His theory correctly says that, accepting their current levels of technology as given, it is better for countries to specialize in things that they are relatively better at. One cannot argue with that. His theory fails when a country wants to acquire more advanced technologies so that it can do more difficult things that few others can do—that is, when it wants to develop its economy. It takes time and experience to absorb new technologies, so technologically backward producers need a period of protection from international competition during this period of learning. Such protection is costly, because the country is giving up the chance to import better and cheaper products. However, it is a price that has to be paid if it wants to develop advanced industries. Ricardo's theory is, thus seen, for those who accept the status quo but not for those who want to change it."

"Mr. Malthus says, " It has been justly observed by Adam Smith that no equal quantity of productive labour employed in manufactures can ever occasion so great a reproduction as in agriculture. " If Adam Smith speaks of value, he is correct; but if he speaks of riches, which is the important point, he is mistaken; for he has himself defined riches to consist of the necessaries, conveniences, and enjoyments of human life. One set of necessaries and conveniences admits of no comparison with another set; value in use cannot be measured by any known standard; it is differently estimated by different persons."

"To alter the money value of commodities, by altering the value of money, and yet to raise the same money amount by taxes, is then undoubtedly to increase the burthens of society."

"It has been my endeavour to show in this work that a fall of wages would have no other effect than to raise profits."

"The price of corn will naturally rise with the difficulty of producing the last portions of it,..."

"I have already expressed my opinion on this subject in treating of rent, and have now only further to add, that rent is a creation of value, as I understand that word, but not a creation of wealth."

"The opinions that the price of commodities depends solely on the proportion of supply and demand, or demand to supply, has become almost an axiom in political economy, and has been the source of much error in that science."

"Whether a bank lent one million, ten million, or a hundred millions, they would not permanently alter the market rate of interest; they would alter only the value of the money they issued."

"" for price is everywhere regulated by the return obtained by this last portion of capital, for which no rent whatever is paid."

"A BOUNTY on the exportation of corn tends to lower its price to the foreign consumer, but it has no permanent effect on its price in the home market."

"If a tax on malt would raise the price of beer, a tax on bread must raise the price of bread."

"But a tax on luxuries would no other effect than to raise their price. It would fall wholly on the consumer, and could neither increase wages nor lower profits."

"But it is clear that the price of labour has no necessary connection with the price of food, since it depends entirely on the supply of labourers compared with the demand."

"The demand for money is regulated entirely by its value, and its value by its quantity."

"If English money was of the same value then as before, Hamburgh money must have risen in value. But where is the proof of this?"

"There can be no greater error then in supposing that capital is increased by non-consumption."

"Whenever the current of money is forcibly stopped, and when money is prevented from settling at its just level, there are no limits to the possible variations of the exchange."

"Money is neither a material to work upon nor a tool to work with."

"Every transaction in commerce is an independent transaction."

"If capital freely flowed towards those countries where it could be most profitably employed, there could be no difference in the rate of profit, and no other difference in the real or labour price of commodities, than the additional quantity of labour required to convey them to the various markets where they were to be sold. Experience, however, shews, that the fancied or real insecurity of capital, when not under the immediate control of its owner, together with the natural disinclination which every man has to quit the country of his birth and connexions, and intrust himself with all his habits fixed, to a strange government and new laws, check the emigration of capital. These feelings, which I should be sorry to see weakened, induce most men of property to be satisfied with a low rate of profits in their own country, rather than seek a more advantageous employment for their wealth in foreign nations."

"Under a system of perfectly free commerce, each country naturally devotes its capital and labour to such employments as are most beneficial to each. This pursuit of individual advantage is admirably connected with the universal good of the whole. By stimulating industry, by rewarding ingenuity, and by using most efficaciously the peculiar powers bestowed by nature, it distributes labour most effectively and most economically: while, by increasing the general mass of productions, it diffuses general benefit, and binds together, by one common tie of interest and intercourse, the universal society of nations throughout the civilized world."

"No extension of foreign trade will immediately increase the amount of value in a country, although it will very powerfully contribute to increase the mass of commodities and therefore the sum of enjoyments."

"The farmer and manufacturer can no more live without profit than the labourer without wages."

"LABOUR, like all other things which are purchased and sold, and which may be increased or diminished in quantity, has its natural and its market price. The natural price of labour is that price which is necessary to enable the labourers, on with another, to subsist and to perpetuate their race, without either increase or diminution."

"It has therefore been justly observed that however honestly the coin of a country may conform to its standard, money made of gold and silver is still liable to fluctuations in value, not only to accidental, and temporary, but to permanent and natural variations, in the same manner as other commodities."

"If I discover a manure which will enable me to make a piece of land produce 20 per cent more corn, I may withdraw at least a portion of my capital from the most unproductive part of my farm."

"Population regulates itself by the funds which are to employ it, and therefore always increases or diminishes with the increase or the diminution of capital. Every reduction of capital is therefore necessarily followed by a less effective demand for corn, by a fall in price, and by diminished cultivation."

"Rent is that portion of the produce of the earth which is paid to the landlord for the use of the original and indestructible powers of the soil."

"The variation in the value of money, however great, makes no difference in the rate of profits;..."

"Neither machines, nor the commodities made by them, rise in real value, but all commodities made by machines fall, and fall in proportion to their durability."

"The wheat bought by a farmer to sow is comparatively a fixed capital to the wheat purchased by a baker to make into loaves."

"If I have to hire a labourer for a week, and instead of ten shillings I pay him eight, no variation having taken place in the value of money, the labourer can probably obtain more food and necessaries with his eight shillings than he before obtained for ten: but this is owing, not to a rise in the real value of his wages, as stated by Adam Smith, and more recently by Mr. Malthus, but to a fall in the value of the things on which his wages are expended, things perfectly distinct; and yet for calling this a fall in the real value of wages, I am told that I adopt new and unusual language, not reconcilable with the true principals of the science. To me it appears that the unusual and, indeed, inconsistent language is that used by my opponents."

"Possessing utility, commodities derive their exchangeable value from two sources: from their scarcity, and from the quantity of labour required to obtain them."

"Utility then is not the measure of exchangeable value, although it is absolutely essential to it."

"I have endeavoured to show that the ability to pay taxes depends, not on the gross money value of the mass of commodities, nor on the net money value of the revenue of capitalists and landlords, but on the money value of each man's revenue compared to the money value of the commodities which he usually consumes."

"Adam Smith, and other able writers to whom I have alluded, not having viewed correctly the principles of rent, have, it appears to me, overlooked many important truths, which can only be discovered after the subject of rent is thoroughly understood."

"The produce of the earth - all that is derived from its surface by the united application of labour, machinery, and capital, is divided among three classes of the community, namely, the proprietor of the land, the owner of the stock or capital necessary for its cultivation, and the labourers by whose industry it is cultivated."

"Sufficiently rich to satisfy all my desires and the reasonable desires of all those about me."

"A merchant trading with capital has been injured by the depreciation of money, as his capital has not been equal to the same extent of business as before the depreciation; but there are few merchants in this situation:—their capitals, as well as that of tradesmen, are invested in goods, ships, &c. they are rather debtors than creditors to the rest of the community... the prices of their commodities will undergo the same variations as the prices of all others, their comparative value will... be the same... The depreciation of the circulating medium has been more injurious to monied men... It may be laid down as a principle of universal application, that every man is injured or benefited by the variation of the value of the circulating medium in proportion as his property consists of money, or as the fixed demands on him in money exceed those fixed demands which he may have on others. Thus the farmer is injured by any increase in the value of money... whilst he has a fixed money rent, and fixed money taxes to pay. His produce... will sell for less, whilst his taxes and rent continue the same. ...He, more than any other class of the community, is benefited by the depreciation of money, and injured by the increase of its value."

"It is, perhaps, a well founded objection to Mr. Ricardo, that he sometimes reasons upon abstract principles to which he gives too great a generalization."

"Ricardo does understand, and better than Smith, that a good’s price is proportional to its marginal labour cost. But that saves only the face of his verbalistic labour theory of value and not his substantive theory. As soon as changed composition of demand for goods alters endogenously marginal labour embodiments, nothing substantive is left of the labour theory of value."