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As presented in the first edition, it clearly was intended to mean that population was actually and inevitably increasing faster than subsistence and that this was the reason for the misery observed. But it is at least not open to the criticism that Malthus merely asserted the horrible triviality that, if increase in population should go on in a geometric...
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The ‘classics,’ it has been held, 5 were not in possession of the latter principle. 6 This is true and so it is that this constitutes one of the most serious shortcomings of their analytic apparatus. By theories of value we mean attempts at indicating the factors that account for a thing’s having exchange value or—though this is not strictly...
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how very interesting this is and how revelatory of ‘the ways of the human mind.’ It implies, of course, that Ricardo was completely blind to the nature, and the logical place in economic theory, of the supply-and-demand apparatus and that he took it to represent a theory of value distinct from and opposed to his own. 26 For it should...
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the monetary department, the general theory of the rates of foreign exchange does not supplement the proposition that, under international gold monometallism, exchange rates fall within the gold points—and are, in this sense, ‘determined’ by them—but ousts it from the key position it used to hold. Just as a general theory has reduced the gold-point theorem to the status of...
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And the only difference there is on this point between Mill and Keynes is this: the former confined this excess demand for money to situations of this kind, of which it is one of the consequences and which therefore cannot be explained by it. He did not go as far as Lauderdale, 12 who was the real anti-saver of the...
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It may be replied, of course, that sums of money may be thought of as representing goods and also that, especially within the theoretical organon of that time, monetary processes may be reduced to ‘real’ processes in the last analysis. Thus, even if the fundamentals of the economic process could in fact be satisfactorily described in real terms, we should...
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Of course, the ‘classics’ would not have denied that the rate of savings itself and therefore total wage payments are determined by many factors, some of which are in turn reacted upon by the rate of savings. It is, of course, always possible to say: ‘given A, B, C…, then Y depends upon X’—the practice revived by Keynesian economics and...
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ing as reflected in his profit-and-loss account (income statement): his profit is ‘what is left’—the item that balances his account. Since, on the rentless margin of production, the whole of the net product, measured in ‘labor embodied,’ is divided between labor and capital, both shares also measured in ‘labor embodied,’ 19 and since labor’s share is explained separately, we easily...
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the wage problem is to show why they do not get the whole produce but have to submit to certain ‘deductions’. hence the wage problem is automatically solved as soon as these deductions have found their explanations. But even for A.Smith himself, and also for James Mill, Sismondi, and Marx, who went further in the direction of Smith’s lead than...
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It was part of the great Ricardian detour 70 for it was essential to Ricardo’s analytic pattern as a device for eliminating the land factor from the value problem (see above, sec. In practice, firms operate under different cost conditions—an observation which then as now was part of the economics of the man in the street—there are ‘low-cost’ and ‘high-cost’...
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Ricardo concluded from this that the opinion prevailing in ‘the labouring class, that the employment of machinery is frequently detrimental to their interests, is not founded on prejudice and error, but is conformable to the correct principles of political economy.’. It was this sharp-edged pronouncement that monopolized professional attention, reinforced as it was by another passage in the same chapter...
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6 The possibilities of continuing the paper regime of the war (the course recommended by Lord Keynes in 1923) or of adopting bimetallism—or the silver standard—were advocated but not seriously considered. It should be mentioned, however, that Ricardo’s Plan, according to which the monetary metal should not enter into hand-to-hand circulation but be held by the Bank for the purpose...
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First, recall that mere recognition of the relevance to value of the supply or quantity of gold does not imply acceptance of what we have called the ‘strict’ quantity theorem (Part II, ch. That is to say, the mere statement that the purchasing power of a monetary unit ‘depends upon’ supply and demand does not identify any particular theory of...
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But at least they contain the most important factor—the tremendous increase in productive efficiency in consequence of the Industrial Revolution—and in addition most of the salient characteristics of that epoch, though Tooke failed at the analytic task of bringing them into their proper relations.. In the second place, the variations in the purchasing power of money brought up the question...
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currency pro-vided by bankers, is all issued in the way of loans’ (Principles, Book III, ch.. 23, 4), the lending by banks qua creation of currency acts upon prices and not on the interest rate. The recognition of the currency-creating power of banks (which Tooke denied in the Inquiry) is as interesting as the recognition of the relation, so strongly...
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Commodity-Trade Theory of international finance (or of international payments or of international gold movements).. The commodity-trade theory of international finance is thus open to the criticism—as is the theory of international values—that its conception of the phenomena with which it undertakes to deal is much too narrow. But if the ‘classic’ theory be nevertheless criticized on the ground that it...
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economics of the epoch. Its authors stood to the professed economists on a footing of cool and reciprocated indifference. But Tooke and Overstone did influence opinion within the fold—and were in turn influenced by it—and their work succeeded in setting on foot what may be described as a new analysis of ‘the’ business cycle. The prevailing impression to the contrary...
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But in the last decade or so before the outbreak of the First World War, even the superficial observer should have been able to discern signs of decay, of new breaks in the offing, of revolutions that have not as yet issued into another classical situation.. Through ‘revolution’ and consolidation, that period witnessed substantial advance. I suggest that we are...
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Also for brevity’s sake, we confine ourselves to the Roman Catholic branch of it, which was the only one to form great independent parties (like the German Center party) that present a unique feature: they are held together exclusively by the religious allegiance of their members, who for the rest differ in economic interests and political attitudes as much as...
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The reader should observe, however, that the almost pathetic nonsense could have been avoided and that the sound element in his argument could have been partly salvaged by adding ‘unless methods more humane and more scientific than natural selection can be found in order to achieve what survival of the fittest is supposed to achieve.’. Thomas Aquinas was declared to...