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Marx on Ricardo: an explanation of some important misunderstandings

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  • Eberhard Feess

Abstract

Ricardo's theory of value and distribution is reconstructed by proceeding along the lines of Marx's critique of Ricardo. It is thus an anti-critique of Marx's reading of Ricardo. The chapter 'On Value' in Ricardo's Principles is shown to be a consistent and rigorous treatment of the determinants of prices of production. According to Ricardo labor-values merely serve to approximate more elaborate standards of value. Marx's criticism is shown to rest crucially on his own misinterpretation of Ricardo's definitions and presupposes his own - faulty - theory of surplus value. Therefore Ricardo's theory can - contrary to Marx's theory of surplus value - still be regarded as a fruitful complement to Sraffa's model.

Suggested Citation

  • Eberhard Feess, 1998. "Marx on Ricardo: an explanation of some important misunderstandings," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 5(2), pages 276-291.
  • Handle: RePEc:taf:eujhet:v:5:y:1998:i:2:p:276-291
    DOI: 10.1080/10427719800000021
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