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The source of value and Ricardo: an historical reconstruction. (David Ricardo)
Atlantic Economic Journal
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December 1, 1992|
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COPYRIGHT 1992 Atlantic Economic Society. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group.
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I. Introduction
As part of his recent survey of alternative judgements regarding Ricardo's contribution, Professor Arrow |1991, p. 73~ contends, "Ricardo's doctrines are taken to have two implications which later economists, both his immediate successors and the later marginalists, were concerned to deny: that labor is the source of all value and that profits have to be thought of as a deduction from output and therefore from labor's share."
In this paper it is argued that this view of Ricardo's treatment of the source value, a view Arrow apparently shares, is in ...
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