By Carlo Panico
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Extra info for Interest and Profit in the Theories of Value and Distribution
This alternative, too, was not perceived by the two authors. They tried instead to follow a third, 'middle'. path, accepting both Ricardo's theory of distribution and an 'independent' determination of the average interest rate. 3. Tooke's and Mill's critique of Ricardo's pos1t10n was mainly supported by their analyses of working of the money market and the determination of the interest rates. 24 Interest/Profit in Theories of Value/Distribution They chose to develop this analysis in two steps: to consider, in the first place, the effect of an alteration in each class of the circumstances under consideration separately, the other remaining the same, and then to trace the influence of any variation in each class on all the others.
P. 14 ). And to give emphasis to his criticisms, he even mentioned the possibility that the two move in opposite directions (see ibid. p. 11). 14 Of the three propositions. recalled at the end of the previous section to summarise Ricardo's position. Tooke and Mill only accepted the second: 15 the general rate of profits is determined by factors independent of the interest rate. I~> The other two propositions. e. that the average interest rate and the rate of profits move in the same direction, and that the former rate is regulated by the latter, were instead rejected by Tooke and Mill.
The Literature before Marx 23 According to Tooke it was based on 'unsound premises' (Tooke, 1826, p. 9). His arguments rely on the analysis of the implicit assumptions of this view as to the working of the money market. He said that one source of error was 'the unqualified assumption, that money is borrowed with a view only to reproduction. or in other words, for profitable employment' (ibid .. p. 10). The amount of money borrowed for other purposes, he said. is so important in the determination of the interest rate.