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.

The exchangeable value of all commodities rises as the difficulties of their production increase.

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

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

As the revenue of the farmer is realized in raw produce, or in the value of raw produce, he is interested, as well as the landlord, in its high exchangeable value, but a low price of produce may be compensated to him by a great additional quantity.

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.

It appears to me that one great cause of our difference in opinion on subjects which we often discuss is that you have always in mind the immediate and temporary effects of particular changes, whereas I put these effects quite aside, and fix my whole attention on the long-term effects that will result from them.