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The Ricardian Dynamics Revisited

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  • Christian Bidard

Abstract

The Ricardian dynamics describe the substitution of a new marginal method for an outgoing marginal method when demand increases. The process of extension or intensi cation of cultivation allows for spasmodic changes in prices and rents but is smooth on the physical side. We criticize the notion of extension of cultivation and show the existence of non-Ricardian equilibria, when some good is not produced by a marginal method. The working of the dynamics requires that the incoming method satisfies a productivity condition which is expressed in algebraic terms. A parallel is drawn between Ricardo's views on dynamics and the working of a Lemke algorithm for linear complementarity problems.

Suggested Citation

  • Christian Bidard, 2011. "The Ricardian Dynamics Revisited," EconomiX Working Papers 2011-24, University of Paris Nanterre, EconomiX.
    • Handle: RePEc:drm:wpaper:2011-24
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    File URL: http://economix.fr/pdf/dt/2011/WP_EcoX_2011-24.pdf
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    References listed on IDEAS

    as
    1. Mas-Colell,Andreu, 1990. "The Theory of General Economic Equilibrium," Cambridge Books, Cambridge University Press, number 9780521388702.
    2. Christian Bidard, 2010. "The dynamics of intensive cultivation," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 34(6), pages 1097-1104.
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    Cited by:

    1. Christian Bidard, 2014. "The Wage Curve in Austrian Models," EconomiX Working Papers 2014-54, University of Paris Nanterre, EconomiX.
    2. Christian Bidard, 2014. "The Ricardian rent theory two centuries after," EconomiX Working Papers 2014-54, University of Paris Nanterre, EconomiX.
    3. Bidard, Christian, 2014. "The Ricardian rent theory: an overview," Centro Sraffa Working Papers CSWP8, Centro di Ricerche e Documentazione "Piero Sraffa".

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    More about this item

    Keywords

    Dynamics; Lemke; Linear Complementarity Problem; Rent; Ricardo;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution

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