The Ricardo Effect: Its Meaning and Validity
AbstractThis paper is concerned with the meaning and validity of the "Ricardo effect". It is shown that the machinery substitution effect contemplated by David Ricardo (a) is not caused by a rise in the real wage rate, (b) is independent of the so--called "price effect", and (c) presupposes very special assumptions about the available set of production methods. The paper also investigates whether Ricardo"s machinery substitution argument anticipates the principle of factor substitution with regard to capital and labour in marginalist theory. Copyright The London School of Economics and Political Science 2003
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Bibliographic InfoArticle provided by London School of Economics and Political Science in its journal Economica.
Volume (Year): 70 (2003)
Issue (Month): 277 (February)
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- Kurz, Heinz D., 2008. "Innovations and profits: Schumpeter and the classical heritage," Journal of Economic Behavior & Organization, Elsevier, vol. 67(1), pages 263-278, July.
- Avi Cohen, 2006. "The Kaldor/Knight controversy: Is capital a distinct and quantifiable factor of production?," European Journal of the History of Economic Thought, Taylor and Francis Journals, vol. 13(1), pages 141-161.
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