By Samuel Hollander
Samuel Hollander's interpretation of Ricardo has attracted apoplectic responses from either correct and Left. This quantity collects jointly the cloth had to assessment those responses. His simple place - that Ricardo stands in a continual analytical line major from Adam Smith to Alfred Marshall - is visible to antagonise either those that argue for a 'marginal revolution' and a pointy divide among classical and neo-classical economics, and people who are looking to champion Ricardo as a forerunner of Sraffa.
This quantity includes twenty of Hollander's papers at the economics of David Ricardo. They explicate and guard his interpretation opposed to feedback from traditional marginalists at the one hand and neo-Ricardians at the different. His primary place is that Ricardo needs to be put in an analytical line major from Adam Smith to Alfred Marshall and past. those thinkers perceived of pricing when it comes to the co-ordination of decentralized fiscal actions entailing the interplay of product and issue markets; marketplace forces have been visible through Ricardo as dictating the secular paths of the salary and revenue premiums topic to the shortage of land. the amount contains essays on Sraffa's well-known 'rational reconstruction' of the early Ricardo when it comes to the Corn revenue version; responses to reviewers of The Economics of David Ricardo; Ricardian micro economics and progress idea; and, Ricardo's reception through his contemporaries and close to contemporaries supplying additional proof of the 'continuity thesis'. the gathering presents the cloth essential to overview this such a lot arguable of contributions to the background of monetary suggestion.
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Extra info for Ricardo - The New View: Collected Essays I
Letter dated 11 September 1814, VI 132. 7. Letter dated 16 September 1814 (VI, 133–5). In reply, Malthus wrote (letter dated 9 October 1814, VI, 141): In stating the cause of high profits you seem to me to consider almost exclusively the expence of production, without attending sufficiently to the price of produce, and greatly to underrate the wants and tastes of mankind in affecting prices, and consequently in affecting the means of profitably employing capital. It is in considering merely of the proportions of commodities to one another, and not of their proportions to the wants and tastes of mankind that the error of Mr.
NOTES 1. Letter dated 10 August 1813 (Ricardo 1951, VI, 93): ‘On further reflection I am confirmed in the opinion which I gave with regard to the effect of opening new markets or extending the old. ’ Malthus and Ricardo met frequently during 1813, and the issue of profit-rate determination was doubtless discussed in conversation. ) None of the published letters prior to that of 10 August touches on the issue. 2. For a discussion of the background to these letters, see Tucker 1954, 320–33. 3. The principle of diminishing returns was defined by Ricardo several years earlier in his Notes on Bentham’s ‘Sur les Prix’ (1810–11): ‘It appears to me that the possession of new Land would add to our sum of riches without additional labour, because the same labour employed on double the quantity of equally good land now in cultivation in England would produce a greater return.
Hollander 1968, 85–6. Letter dated 5 August 1814 (Ricardo 1951, VI, 117–18). ’) See also the letter dated 9 October 1814 (VI, 140–1) wherein Malthus concedes that the cost of food affects the profit rate in a limiting sense only, and attributes to Ricardo an analysis in physical terms: It appears to me that ... in the interval between the two extremes [of high and low profits due to good and poor land resources] considerable variations may take place; and that practically no country was ever in such a state as not to admit of increase of profits on the land, for a period of some duration, from the advanced price of raw produce.