IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-04429116.html
   My bibliography  Save this paper

“Orthodox versus Unorthodox Views on Ricardo’s Theory of Money”

Author

Listed:
  • Ghislain Deleplace

    (LED - Laboratoire d'Economie Dionysien - UP8 - Université Paris 8 Vincennes-Saint-Denis)

Abstract

The orthodox view on Ricardo's monetary theory is that it mixes a commodity-theory of money in the long run and a quantity-theory of money in the short run. It also contends that the weakness of this theory is to be unable to provide the link between these two determinations of the value of money – an illustration of Ricardo's inability to link short-term and long-term analysis. The aim of the paper is at discarding this orthodox view of Ricardo's monetary theory and at suggesting another – unorthodox – view of it. According to this latter view, Ricardo consistently linked through an explicit adjustment process a position in which money "conforms" to the standard – meaning that the value of money is determined by the value of the standard (in a way that has nothing to do with a commodity-theory of money) – and positions in which money depreciates or appreciates because its quantity is inadequate. Under certain conditions which need to be specified, disequilibrium positions adjust to the conformable position through changes in the quantity of money (in a way that has nothing to do with a quantity-theory of money). This understanding of Ricardo's monetary theory is substantiated in my book Ricardo on Money. A Reappraisal (Deleplace 2017). Nevertheless, I contend that some of its basic aspects are shared by other scholars, in the line opened by Marcuzzo and Rosselli (1991). Another aim of the paper is at showing that what these scholars have in common results from their focus on the specific determination of the market price of the standard (gold bullion), in contrast with the orthodox view where the price of gold is only considered as a proxy of the general price level. The paper also analyses the differences that exist between these advocates of an unorthodox view of Ricardo's theory of money.

Suggested Citation

  • Ghislain Deleplace, 2019. "“Orthodox versus Unorthodox Views on Ricardo’s Theory of Money”," Post-Print hal-04429116, HAL.
    • Handle: RePEc:hal:journl:hal-04429116
    Note: View the original document on HAL open archive server: https://hal.science/hal-04429116
    as

    Download full text from publisher

    File URL: https://hal.science/hal-04429116/document
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Ghislain Deleplace & Christophe Depoortère & Nicolas Rieucau, 2013. "An unpublished letter of David Ricardo on the double standard of money," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(1), pages 1-28, February.
    2. Maria Cristina Marcuzzo & Annalisa Rosselli, 1994. "Ricardo's Theory of Money Matters," Revue Économique, Programme National Persée, vol. 45(5), pages 1251-1268.
    3. Marcuzzo, Maria Cristina, 2014. "On The Notion Of Permanent And Temporary Causes: The Legacy Of Ricardo," Journal of the History of Economic Thought, Cambridge University Press, vol. 36(4), pages 421-434, December.
    4. Depoortère, Christophe, 2015. "Two Unpublished Letters By David Ricardo On A Monetary Pamphlet By Samuel Tertius Galton," Journal of the History of Economic Thought, Cambridge University Press, vol. 37(3), pages 341-361, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ghislain Deleplace, 2020. "Orthodox versus Unorthodox Views on Ricardo’s Theory of Money," Post-Print hal-04253395, HAL.
    2. Ghislain Deleplace, 2019. "“Orthodox versus Unorthodox Views on Ricardo’s Theory of Money”," Post-Print hal-04429068, HAL.
    3. Ghislain Deleplace, 2022. "“Storm in a Teacup? The Impact of War on the English Monetary System and Thought (1797-1821)”," Post-Print hal-04429477, HAL.
    4. Ciccone, Michele, 2022. "Some notes on Ricardo's analysis of the convergence process of the market rate of interest to the natural rate," MPRA Paper 112887, University Library of Munich, Germany.
    5. Ghislain Deleplace, 2019. "‘Hierarchy of Causes’ and Theory of Money in Ricardo and Keynes," Post-Print hal-04253462, HAL.
    6. Costabile, Lilia, 2022. "Commodity money, natural values, and central banking in Ricardo," Structural Change and Economic Dynamics, Elsevier, vol. 63(C), pages 104-111.
    7. Annalisa Rosselli, 1999. "The Origin of the Political Economy of Money," Review of Political Economy, Taylor & Francis Journals, vol. 11(4), pages 443-454.
    8. Talknice Saungweme & Nicholas M. Odhiambo, 2021. "Inflation and Economic Growth in Kenya: An Empirical Examination," Advances in Decision Sciences, Asia University, Taiwan, vol. 25(3), pages 1-25, September.
    9. T. Saungweme & N.M. Odhiambo, 2021. "Inflation and Economic Growth in Kenya: An Empirical Examination," Working Papers AESRI-2021-13, African Economic and Social Research Institute (AESRI), revised Oct 2021.
    10. Talknice Saungweme & Nicholas M. Odhiambo, "undated". "Inflation And Economic Growth In Kenya: An Empirical Examination," Working Papers AESRI04, African Economic and Social Research Institute (AESRI).
    11. Ghislain Deleplace, 2023. "GRENVILLE'S WAR AND POST-WAR VIEWS ON MONEY IN EARLY 19 th -CENTURY BRITAIN," Post-Print hal-04429551, HAL.
    12. Talknice Saungweme & Nicholas M. Odhiambo, 2021. "Inflation and Economic Growth in Kenya: An Empirical Examination," Advances in Decision Sciences, Asia University, Taiwan, vol. 25(3), pages 1-25, September.
    13. David Andrews, 2000. "Keynes, Ricardo and the classical theory of interest," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 7(2), pages 228-244.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-04429116. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.