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In order to extend the theory of value and the trade-off property to economic systems with lands, Ricardo reduced their …
Persistent link: https://www.econbiz.de/10010896333
satisfies a productivity condition which is expressed in algebraic terms. A parallel is drawn between Ricardo's views on …
Persistent link: https://www.econbiz.de/10009143624
We propose to re-read Ricardo's theory of rent and its modern versions. Ricardo's dynamic approach follows the … studies have cast doubts on the validity of some of Ricardo's and Sraffa's over-optimistic conclusions, but the abandonment of … the dynamic approach does not allow them to explain the ultimate reason of the phenomena they have pointed at. Ricardo …
Persistent link: https://www.econbiz.de/10010960388
We study the economic mechanism which sustains the substitution of a marginal method for another when demand increases, in the presence of scarce resources. In those Ricardian dynamics, it is shown that the outgoing method is determined by the quantity side of the problem, the incoming method by...
Persistent link: https://www.econbiz.de/10010593346
of land or a mine, which was indeed the way in which rent was treated in bargaining between landowner and tenant. The …The classical economists usually regarded rent in their analyses as a share of the gross product obtained from the use … paper revives this view of rent, proceeding from its historical basis through Smith’s analysis to arrive at Sraffa …
Persistent link: https://www.econbiz.de/10011259126
consequences of this progress on the trend of natural wages, profit and rent. Ricardo deals with these subjects sometimes in … resulting conclusions on the trend of natural wages, profits and rent. This entry will focus on the details of Ricardo … owner of land “for the use of its original and indestructible powers”. These criticisms are consistent with Ricardo …
Persistent link: https://www.econbiz.de/10011112530
allows us to point at two limits of Ricardo's construction, first in his attempt to get rid of rent in the analysis of … agriculture are determined by means of a rule which has never been stated explicitly by Ricardo's commentators. But the rule also … criterion is at the basis of Sraffa's mistake in his reconstruction of the theory of rent, whereas post-Sraffian formalizations …
Persistent link: https://www.econbiz.de/10010896304
Adam Smith set economists and examination question: what determines long-run normal prices and the associated rate of profit. The fundamental difficulty is that the long-run equilibrium prices of reproducible means of production (Smith's “natural” prices) must satisfy two conditions at the...
Persistent link: https://www.econbiz.de/10012891047
Paul A. Samuelson's (1966) capitulation during the so-called Cambridge controversy on the phenomenon of re-switching of techniques in capital theory had implications not only in pointing at a supposed internal contradiction of the marginal theory of production and distribution, but also in...
Persistent link: https://www.econbiz.de/10012858172
This paper attempts to build up a Heckscher-Ohlin-Samuelson model of production and trade where capital is introduced outside the production process as a financial capital or credit as per the classical Ricardian wage fund framework. Stock of credit or financial capital as past savings, finances...
Persistent link: https://www.econbiz.de/10013266637