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Format: 1 online resource (249 pages)

Edition: 1st ed.

ISBN: 9780415313254 , 9781135033385

Content: The book presents a rigorous reconstruction of Ricardo's contribution to economic theory and a unifying interpretation of the key issues of Ricardo's research

Note: Front Cover -- Ricardo and the Theory of Value Distribution and Growth -- Copyright Page -- Contents -- Preface and acknowledgments -- Part I: Value and distribution -- 1. Scope and method of the work -- 1.1 The renewed interest in Ricardo's theory -- 1.2 Scope of the work -- 1.3 The concept of natural equilibrium in the Ricardian context -- 2. Diminishing returns and the rate of profit in Ricardo's analysis -- 2.1 Ricardo's theoretical analysis and the problems of his time -- 2.2 Changes in real and money wages in Ricardo: the distributive antagonism as a dynamic problem -- 2.3 Effects on profits of changes in wages: two possible interpretations -- 2.4 A theoretical framework for the analysis of price determination: a necessary prelude -- 2.5 The effects of a change in wages on the aggregate amount and on the share of profits: the first interpretation -- 2.6 The relation between money wages and the rate of profit: the second interpretation -- 2.7 Wages and prices: Ricardo's criticism of Smith's theory -- 2.8 The relation between the labour input in the production of corn and the rate of profit -- 2.9 The rate of profit in the Ricardian model -- 2.10 Technological improvements and the declining rate of profit -- Appendix Properties of the Ricardian price model -- Existence and uniqueness of the solution -- Inverse relation between r and n1 -- Inverse relation between r and w -- Effects on prices of a change in w -- 3. Sraffa's standard commodity and Ricardo's theory of value and distribution -- 3.1 Ricardo's search for an invariable standard of value -- 3.2 The requisites of the invariable measure of value -- 3.3 The invariable measure of value in the interpretation of Sraffa's 'Introduction' -- 3.4 Sraffa's standard commodity and Ricardo's invariable measure of value -- 3.5 The standard system , 3.6 The intrinsic properties of the standard commodity -- 3. 7 The properties of the standard commodity qua numeraire -- 3.8 The standard commodity and the analysis of price changes -- 3.9 The notion of in variance per se of the standard commodity -- 3.10 The existence of the standard commodity in the Ricardian model with ftxed capital -- 3.11 The standard commodity and the requisites of Ricardo's invariable measure of value -- Appendix Changes in distribution and relative prices -- The case of a generic numeraire -- The case of the standard commodity -- A comparison with the results of the Ricardian price model -- Part II: Growth and distribution -- 4. Pasinetti's formulation of the Ricardian system -- 4.1 Introductory remarks -- 4.2 The concept of 'point natural equilibrium' used by Pasinetti -- 4.3 The hypotheses of the model -- 4.4 Distribution of output and Say's law -- 4.5 Natural and market equilibrium -- 4.6 The behaviour of distributive shares in the process of capital accumulation -- 5. A one-sector Ricardian model -- 5.1 Introductory remarks -- 5.2 The equilibrium model -- 5.3 The relation between the rates of growth of income and capital -- 5.4 Full employment as a necessary condition of equilibrium growth -- 5.5 Equilibrium growth with the production function Nαt -- 5.6 Disequilibrium mechanisms -- 5.7 The wages-population interaction mechanism: the wages-fund theory -- 5.8 Disequilibrium dynamics on the hypothesis of the wages-fund theory -- 5.9 The possibility of unemployment in the Ricardian theory -- 5.10 The wage-population interaction mechanism: the bargaining power hypothesis -- 5.11 Disequilibrium dynamics with the bargaining-power hypothesis -- 6. A two-sector Ricardian model -- 6.1 General remarks -- 6.2 The equilibrium model -- 6.3 The growth rate of capital -- 6.4 The growth rate of production in value terms , 6.5 Employment structure, distributive shares and technology -- 6.6 The growth rate of output at constant prices -- 6.7 Equilibrium growth with full employment -- 6.8 Final considerations on the equilibrium dynamics of thetwo-sector Ricardian model -- 6.9 Equilibrium growth with X1t =Nα1t -- 6.10 Disequilibrium mechanisms -- 6.11 An analysis of sectoral employment disequilibria -- 6.12 The disequilibrium model -- 6.13 Concluding remarks on disequilibrium paths -- Appendix The natural equilibrium of a three-sector Ricardian model -- Introductory remarks -- The model -- The structure of the model -- The natural equilibrium with different capital-labour ratios -- The natural equilibrium with a uniform capital-labour ratio -- 7. A generalization of the Ricardian two-sector model: problems oftraverse -- 7.1 Preliminary remarks -- 7.2 Possible generalizations of the Ricardian model -- 7.3 Positive saving by the workers and rentiers -- 7.4 Positive consumption by capitalists: the role of capitalists in the stationary state -- 7.5 The Ricardian model with positive consumption bycapitalists -- 7.6 Natural equilibrium dynamics: structural and distributive aspects -- 7.7 Natural equilibrium dynamics: the growth rates -- 7.8 Disequilibrium dynamics: traverse paths originating inchanges in Sπ -- 7.9 The traverse model -- 7.10 Analysis of traverse paths -- 7.11 Conclusions: an overview of the main results of the Ricardian dynamic model -- Notes -- Bibliography -- Author index -- Subject index

Additional Edition: Print version Caravale, Giovanni A. Ricardo and the Theory of Value Distribution and Growth Oxford : Taylor & Francis Group,c2003 ISBN 9780415313254

Language: English

Keywords: Electronic books

URL: FULL  ((OIS Credentials Required))

UID:

Format: 1 online resource (249 p.)

Edition: 1st ed.

ISBN: 0-203-70868-7 , 1-299-48018-7 , 1-135-03338-2

Series Statement: Routledge library editions. Economics ; 5

Content: The book presents a rigorous reconstruction of Ricardo's contribution to economic theory and a unifying interpretation of the key issues of Ricardo's research. Part One deals primarily with the problems of value and distribution Part Two deals specifically with the issues of distribution and growth. * Contemporary economic literature in the fields of value, distribution and growth is witnessing a renewed interest in the approach of the classical school, notably in the work of David Ricardo.

Note: Description based upon print version of record. , Front Cover; Ricardo and the Theory of Value Distribution and Growth; Copyright Page; Contents; Preface and acknowledgments; Part I: Value and distribution; 1. Scope and method of the work; 1.1 The renewed interest in Ricardo's theory; 1.2 Scope of the work; 1.3 The concept of natural equilibrium in the Ricardian context; 2. Diminishing returns and the rate of profit in Ricardo's analysis; 2.1 Ricardo's theoretical analysis and the problems of his time; 2.2 Changes in real and money wages in Ricardo: the distributive antagonism as a dynamic problem , 2.3 Effects on profits of changes in wages: two possible interpretations2.4 A theoretical framework for the analysis of price determination: a necessary prelude; 2.5 The effects of a change in wages on the aggregate amount and on the share of profits: the first interpretation; 2.6 The relation between money wages and the rate of profit: the second interpretation; 2.7 Wages and prices: Ricardo's criticism of Smith's theory; 2.8 The relation between the labour input in the production of corn and the rate of profit; 2.9 The rate of profit in the Ricardian model , 2.10 Technological improvements and the declining rate of profitAppendix Properties of the Ricardian price model; Existence and uniqueness of the solution; Inverse relation between r and n1; Inverse relation between r and w; Effects on prices of a change in w; 3. Sraffa's standard commodity and Ricardo's theory of value and distribution; 3.1 Ricardo's search for an invariable standard of value; 3.2 The requisites of the invariable measure of value; 3.3 The invariable measure of value in the interpretation of Sraffa's 'Introduction' , 3.4 Sraffa's standard commodity and Ricardo's invariable measure of value3.5 The standard system; 3.6 The intrinsic properties of the standard commodity; 3. 7 The properties of the standard commodity qua numeraire; 3.8 The standard commodity and the analysis of price changes; 3.9 The notion of in variance per se of the standard commodity; 3.10 The existence of the standard commodity in the Ricardian model with ftxed capital; 3.11 The standard commodity and the requisites of Ricardo's invariable measure of value; Appendix Changes in distribution and relative prices , The case of a generic numeraireThe case of the standard commodity; A comparison with the results of the Ricardian price model; Part II: Growth and distribution; 4. Pasinetti's formulation of the Ricardian system; 4.1 Introductory remarks; 4.2 The concept of 'point natural equilibrium' used by Pasinetti; 4.3 The hypotheses of the model; 4.4 Distribution of output and Say's law; 4.5 Natural and market equilibrium; 4.6 The behaviour of distributive shares in the process of capital accumulation; 5. A one-sector Ricardian model; 5.1 Introductory remarks; 5.2 The equilibrium model , 5.3 The relation between the rates of growth of income and capital , English

Additional Edition: ISBN 0-415-31325-2

Language: English