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Robert Torrens and the Ricardian model of dynamic equilibrium growth

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  • Taro Hisamatsu

Abstract

This paper reconstructs Torrens's dynamic theory of distribution which is based on three notions of wages. In the early stages of growth, capital increases faster than population, so the actual wage rises above the minimum. Thereafter, the economy grows with a tendency for the population to increase faster than the capital while limiting the actual wage below the decreasing maximum until it enters a stationary state and the actual wage and profit rates are reduced to their minimum. Such a theory has been attributed to Ricardo by some scholars, but Torrens proposed a more fully developed account than Ricardo's.

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  • Taro Hisamatsu, 2018. "Robert Torrens and the Ricardian model of dynamic equilibrium growth," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 25(2), pages 203-226, March.
    • Handle: RePEc:taf:eujhet:v:25:y:2018:i:2:p:203-226
    DOI: 10.1080/09672567.2018.1425467
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    Cited by:

    1. Rog?rio Arthmar & Taro Hisamatsu, 2021. "Robert Torrens on Say?s Law and the General Glut," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 10(1), pages 83-105.

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