Meaning: The quote you provided is from David Ricardo, a prominent economist and one of the key figures in the development of classical economics. The quote addresses the relationship between wages, machinery, and the production of commodities. Ricardo's work focused on the principles of political economy and the distribution of wealth, and his ideas continue to be influential in the field of economics.

Ricardo's statement about the impact of a rise in labor wages on commodities produced with machinery reflects his understanding of the complexities of economic relationships. To fully grasp the meaning of this quote, it is essential to delve into the concepts of wages, machinery, and the production of commodities within the framework of classical economic theory.

In classical economics, the relationship between wages and the production of commodities is a fundamental aspect of understanding how wealth is distributed within an economy. When labor wages increase, it affects the cost of production for goods and services. However, Ricardo's observation is that this increase in wages does not uniformly impact all types of commodities.

The distinction between commodities produced with machinery that is quickly consumed and those that are slowly consumed is crucial to Ricardo's argument. This differentiation is based on the idea that some types of machinery are used in the production process for goods that are rapidly consumed and replaced, while others are used for goods that have a longer lifespan and slower turnover.

For commodities produced with machinery that is quickly consumed, such as perishable goods or items with a short lifespan, a rise in labor wages may have a more immediate and significant impact on the cost of production. This is because the cost of labor is a more significant factor in the overall production cost of these goods, and any increase in wages can directly affect their pricing.

On the other hand, commodities produced with machinery that is slowly consumed, such as durable goods or capital equipment, may not be as directly affected by a rise in labor wages. The cost of labor is just one component in the production of these goods, and other factors such as the cost of machinery and raw materials play a more substantial role in determining their final price.

Ricardo's insight into this distinction highlights his understanding of the nuanced relationship between labor, machinery, and the production of goods. It demonstrates that the impact of changes in wages is not uniform across all sectors of the economy, and different production processes respond differently to shifts in labor costs.

Furthermore, this quote underscores the broader principles of classical economics, particularly the concept of the division of labor and the role of technology in production. Ricardo's analysis aligns with the classical view that technological advancements, including the use of machinery, can have a profound impact on economic outcomes and the distribution of wealth.

In conclusion, David Ricardo's quote encapsulates his nuanced understanding of the relationship between labor wages and the production of commodities in an economy driven by machinery. It highlights the unequal impact of changes in labor costs on different types of goods, shedding light on the complexities of economic relationships within the framework of classical economics. Ricardo's insights continue to be relevant in contemporary economic analysis, providing a foundation for understanding the intricate dynamics of production, wages, and technological progress.