Ricardo on machinery: a dynamic analysis
I construct a dynamic two-sector model which formalizes Ricardo's argument on the effects of the introduction of machinery. My model does not require the inappropriate assumptions common to other Ricardian models. Using this model, I show that if machinery is introduced, both the demand for labour and the output of the consumption good must decline temporarily and can then recover. As well, the temporal decline of value of the gross produce is not a necessary condition for the above temporal decline of the demand for labour.
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Volume (Year): 7 (2000)
Issue (Month): 2 ()
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References listed on IDEAS
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- Samuelson, Paul A, 1988. "Mathematical Vindication of Ricardo on Machinery," Journal of Political Economy, University of Chicago Press, vol. 96(2), pages 274-82, April.
- Hicks, J. R., 1969. "A Theory of Economic History," OUP Catalogue, Oxford University Press, number 9780198811633, December.
- John Hicks & Samuel Hollander, 1977. "Mr. Ricardo and the Moderns," The Quarterly Journal of Economics, Oxford University Press, vol. 91(3), pages 351-369.
- Gianluca Femminis & Andrea Salanti, 1995. "Davis on Ricardo's Machinery Chapter: A Comment," History of Political Economy, Duke University Press, vol. 27(1), pages 89-99, Spring.
- Shields, Michael P, 1989. "The Machinery Question: Can Technological Improvements Reduce Real Output?," Economica, London School of Economics and Political Science, vol. 56(222), pages 215-24, May.
- Barkai, Haim, 1986. "Ricardo's Volte-Face on Machinery," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 595-613, June.
- Dome, Takuo, 1992. "Ricardo's Theory of Tax Incidence: A Sraffian Re-interpretation," Cambridge Journal of Economics, Oxford University Press, vol. 16(1), pages 43-53, March.
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