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A Neo-Ricardian Analysis of International Trade

In: Fundamental Issues in Trade Theory

Author

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  • L. Mainwaring

Abstract

Traditionally, the Ricardian theory of international trade is thought of in terms of a simple Labour Theory of Value, in which prices are proportional to labour inputs. Ricardo himself recognised that the existence of a positive rate of profit could make prices diverge from their direct labour costs but thought the difference was insignificant.1 Among post-Ricardians, Taussig is one of the few who explicitly recognised that profit on capital could affect the pattern of trade, but he too tended to minimise its importance.2 More recently, however, differences in the no-trade pattern of income distribution (which when countries use the same techniques implies a difference in their no-trade rates of profit) have been suggested as a basis for international trade.3

Suggested Citation

  • L. Mainwaring, 1979. "A Neo-Ricardian Analysis of International Trade," Palgrave Macmillan Books, in: Ian Steedman (ed.), Fundamental Issues in Trade Theory, chapter 9, pages 110-122, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-04378-1_9
    DOI: 10.1007/978-1-349-04378-1_9
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