This article, by utilizing Ricardo's numerical examples, derives theoretical statements about the deviations of relative values (prices) from relative labor times. These deviations result from the presence of capital and the distributive variables (rate of profit and wage) and production...

Part A -- Chapter 1. The Classical Theory of Value and Distribution -- Chapter 2 .Circular Flow of Capital and Social Reproduction -- Chapter 3. Controversial Issues in the Theories of Value and Distribution: The 'Transformation Problem' and the 'Capital Theory Critique' -- Chapter 4. Labour...

This book promotes an in-depth understanding of the key mechanisms that govern the functioning of capitalist economies, pursuing a Classical Political Economics approach to do so. It explores central theoretical issues addressed by the classical economists Smith and Ricardo, as well as Marx,...