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Value and Riches

Author

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  • Meacci, Ferdinando

Abstract

The distinction between ‘value’ and ‘riches’ was first highlighted by Ricardo in Chapter XX, ‘Value and Riches, their distinctive Properties’, of his Principles (1821). Ricardo’s aim was to clear up Smith’s famous statement that “every man is rich or poor according to the degree in which he can afford to enjoy the necessaries, conveniences, and amusements of human life” (1776, Bk.I, Ch.V). The paper argues that Ricardo's criticism of Smith's statement is as inaccurate as Smith's peculiar way of developing by such a statement his crucial distinction between the wealth of an individual and the wealth of a society as well as his analysis of the mechanisms by which the search for increasing the former (via the notion of "exchangeable values") results in an actual increase of the latter (via the notion of "use values").

Suggested Citation

  • Meacci, Ferdinando, 1998. "Value and Riches," MPRA Paper 14715, University Library of Munich, Germany, revised 15 Apr 2009.
  • Handle: RePEc:pra:mprapa:14715
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    File URL: https://mpra.ub.uni-muenchen.de/20023/1/MPRA_paper_20023.pdf
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    Cited by:

    1. Meacci, Ferdinando, 1998. "Wealth," MPRA Paper 14713, University Library of Munich, Germany, revised 15 Apr 2009.
      • Meacci, Ferdinando, 2013. "Wealth," MPRA Paper 55496, University Library of Munich, Germany, revised Mar 2014.

    More about this item

    Keywords

    Smith; Ricardo; wealth; use values; exchange values;

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B0 - Schools of Economic Thought and Methodology - - General

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