Meaning: David Ricardo, a prominent economist of the 18th and 19th centuries, made significant contributions to the field of political economy, particularly in the areas of trade, taxation, and value theory. The quote provided touches upon the concept of the comparative value of a commodity at different points in time, and the role of skill and intensity of labor in determining this value.

Ricardo's quote underscores the idea that when comparing the value of a commodity at different periods of time, one should consider the comparative skill and intensity of labor required for its production. He argues that this consideration is essential, as it operates equally at both periods. This statement reflects Ricardo's perspective on the factors influencing the value of a commodity, particularly in relation to the labor input involved in its production.

The notion of comparative skill and intensity of labor is central to Ricardo's labor theory of value, which posits that the value of a commodity is determined by the amount of labor required for its production. According to this theory, the more skilled and intense the labor input, the higher the value of the commodity. Ricardo's emphasis on the constancy of this factor across different time periods suggests that he viewed it as a fundamental and enduring determinant of value.

Furthermore, Ricardo's reference to the "comparative skill and intensity of labor" implies a recognition of the variability in the labor input across different types of commodities. This aligns with his broader analysis of the role of labor in shaping the value of goods and services within an economy. By acknowledging the diversity of labor skills and intensities involved in the production of different commodities, Ricardo highlights the nuanced and multifaceted nature of value determination.

In the context of Ricardo's broader contributions to economic thought, this quote reflects his adherence to the labor theory of value and his emphasis on the role of labor as a primary factor in determining the worth of commodities. His insights laid the groundwork for subsequent developments in value theory and provided valuable perspectives on the relationship between labor and value in economic exchange.

Overall, Ricardo's quote encapsulates his fundamental beliefs about the nature of value and the pivotal role of labor in shaping it. By emphasizing the significance of comparative skill and intensity of labor in evaluating the value of commodities across different time periods, Ricardo underscores the enduring influence of labor as a key determinant of economic value. His contributions continue to inform discussions and debates surrounding value theory and labor economics, cementing his legacy as a pioneering figure in the history of economic thought.