IDEAS home Printed from https://ideas.repec.org/p/ris/sraffa/0027.html
   My bibliography  Save this paper

Stigler on Ricardo

Author

Listed:
  • Kurz, Heinz D.

    (University of Graz)

Abstract

The paper scrutinises George Stigler’s interpretation of Ricardo's theory. Like many marginalists, he assesses Ricardo’s contribution in terms of marginalist theory. This confirms Piero Sraffa’s observation that by the end of the nineteenth century the analytical structure, content and genuine significance of the classical theory had been “submerged and forgotten”. However, Stigler's textual acuteness makes him see important elements of Ricardo’s analysis that resist the marginalist interpretation. His irritation can only have been increased by Sraffa’s exposition of Ricardo’s sur-plus-based theory of profits in volume I of the Ricardo edition. This contradicted mar-ginal productivity theory of profits. Stigler praises Sraffa’s edition beyond all measure, refrains however from discussing his interpretation. Things do not change after Sraffa in 1960 publishes a logically consistent formulation of the classical theory of value and distribution. Sraffa's interpretation challenged Stigler's ideological position, which, however, he did not feel the need, or possibility, to defend.

Suggested Citation

  • Kurz, Heinz D., 2018. "Stigler on Ricardo," Centro Sraffa Working Papers CSWP27, Centro di Ricerche e Documentazione "Piero Sraffa".
  • Handle: RePEc:ris:sraffa:0027
    as

    Download full text from publisher

    File URL: http://www.centrosraffa.org/public/7b7fae2e-3b5d-4285-8b9c-0baef8b8b78e.pdf
    File Function: Full text
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Shaikh, Anwar, 2016. "Capitalism: Competition, Conflict, Crises," OUP Catalogue, Oxford University Press, number 9780199390632, Decembrie.
    2. Heinz D. Kurz, 2015. "David Ricardo: on the art of "elucidating economic principles" in the face of a "labyrinth of difficulties"," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 22(5), pages 818-851, October.
    3. George J. Stigler, 1952. "The Ricardian Theory of Value and Distribution," Journal of Political Economy, University of Chicago Press, vol. 60(3), pages 187-187.
    4. Paul A. Samuelson, 1977. "Correcting the Ricardo Error Spotted in Harry Johnson's Maiden Paper," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 91(4), pages 519-530.
    5. Blaug,Mark, 1997. "Economic Theory in Retrospect," Cambridge Books, Cambridge University Press, number 9780521577014, November.
    6. Heinz Kurz, 2010. "Technical progress, capital accumulation and income distribution in Classical economics: Adam Smith, David Ricardo and Karl Marx," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 17(5), pages 1183-1222.
    7. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676, November.
    8. Mark Blaug, 2009. "The Trade-Off between Rigor and Relevance: Sraffian Economics as a Case in Point," History of Political Economy, Duke University Press, vol. 41(2), pages 219-247, Summer.
    9. Christian Gehrke & Heinz D. Kurz & Neri Salvadori, 2003. "Ricardo on Agricultural Improvements: a Note," Scottish Journal of Political Economy, Scottish Economic Society, vol. 50(3), pages 291-296, August.
    10. Morgan,Mary S., 2012. "The World in the Model," Cambridge Books, Cambridge University Press, number 9781107002975, November.
    11. Samuelson, Paul A, 1989. "Ricardo Was Right!," Scandinavian Journal of Economics, Wiley Blackwell, vol. 91(1), pages 47-62.
    12. Pierangelo Garegnani, 2007. "Professor Samuelson on Sraffa and the classical economists," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 14(2), pages 181-242.
    13. Morgan,Mary S., 2012. "The World in the Model," Cambridge Books, Cambridge University Press, number 9780521176194, November.
    14. Robert Solow, 2010. "Stories about economics and technology," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 17(5), pages 1113-1126.
    15. Neisser, Hans, 1990. "The wage rate and employment in market equilibrium," Structural Change and Economic Dynamics, Elsevier, vol. 1(1), pages 141-163, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Tsoulfidis, Lefteris, 2017. "Ricardo’s Theory of Value is Alive and Well in Contemporary Capitalism," MPRA Paper 96491, University Library of Munich, Germany, revised 11 Oct 2019.
    2. Tsoulfidis, Lefteris, 2018. "Ricardo’s Theory of Value is Still Alive and Well in Contemporary Capitalism," MPRA Paper 85822, University Library of Munich, Germany, revised 10 Apr 2018.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Heinz D. Kurz, 2017. "Is there a “Ricardian Vice”? And what is its relationship with economic policy ad“vice”?," Journal of Evolutionary Economics, Springer, vol. 27(1), pages 91-114, January.
    2. Freni, Giuseppe & Salvadori, Neri, 2016. "Ricardo on Machinery: A Textual Analysis," MPRA Paper 73427, University Library of Munich, Germany.
    3. Jonathan F. Cogliano & Roberto Veneziani & Naoki Yoshihara, 2022. "Computational methods and classical‐Marxian economics," Journal of Economic Surveys, Wiley Blackwell, vol. 36(2), pages 310-349, April.
    4. Kurz, Heinz D., 2022. "Re-reading Carl Menger’s Grundsätze. A Book That “Cries Out To Be Surpassed”," Centro Sraffa Working Papers CSWP52, Centro di Ricerche e Documentazione "Piero Sraffa".
    5. Andrea Salanti, 2013. "Between the Scylla of Whig history and the Charybdis of methodological vacuum," Chapters, in: Marcel Boumans & Matthias Klaes (ed.), Mark Blaug: Rebel with Many Causes, chapter 14, pages 191-207, Edward Elgar Publishing.
    6. Aldegwy, Mohamed & Thiemann, Matthias, 2016. "How economics got it wrong: Formalism, equilibrium modelling and pseudo-optimization in banking regulatory studies," SAFE Working Paper Series 138, Leibniz Institute for Financial Research SAFE.
    7. Marcel Boumans, 2013. "An unrepentant Lakatosian," Chapters, in: Marcel Boumans & Matthias Klaes (ed.), Mark Blaug: Rebel with Many Causes, chapter 13, pages 177-190, Edward Elgar Publishing.
    8. Thiemann, Matthias & Aldegwy, Mohamed & Ibrocevic, Edin, 2016. "Understanding the shift from micro to macro-prudential thinking: A discursive network analysis," SAFE Working Paper Series 136, Leibniz Institute for Financial Research SAFE.
    9. Heinz D. Kurz & Neri Salvadori, 2011. "In Favor of Rigor and Relevance: A Reply to Mark Blaug," History of Political Economy, Duke University Press, vol. 43(3), pages 607-616, Fall.
    10. Wakamatsu, Naoyuki, 2020. "On Ricardo’s Multilayered Method: Wage Taxation and Foreign Subsidies Considered," MPRA Paper 103531, University Library of Munich, Germany.
    11. Eric Kemp‐Benedict, 2020. "Convergence of actual, warranted, and natural growth rates in a Kaleckian–Harrodian‐classical model," Metroeconomica, Wiley Blackwell, vol. 71(4), pages 851-881, November.
    12. Giandomenica Becchio, 2020. "The Two Blades of Occam's Razor in Economics: Logical and Heuristic," Economic Thought, World Economics Association, vol. 9(1), pages 1-17, July.
    13. Arthur Brackmann Netto, 2017. "The Double Edge of Case-Studies: A Frame-Based Definition of Economic Models," Working Papers, Department of Economics 2017_21, University of São Paulo (FEA-USP).
    14. Mark Casson, 2018. "The Theory of International Business: The Role of Economic Models," Management International Review, Springer, vol. 58(3), pages 363-387, June.
    15. Peter Rodenburg, 2016. "How Full is Full Employment?How Tools and Not Theory Explained Full Employment," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2016(2), pages 5-25.
    16. Ivan Moscati, 2022. "Behavioral and heuristic models are as-if models too — and that’s ok," BAFFI CAREFIN Working Papers 22177, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    17. Ellis Scharfenaker, 2022. "Statistical Equilibrium Methods In Analytical Political Economy," Journal of Economic Surveys, Wiley Blackwell, vol. 36(2), pages 276-309, April.
    18. Nicolas Brisset & Dorian Jullien, 2019. "Models as Speech Acts: A Restatement and a new Case Study," GREDEG Working Papers 2019-09, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    19. Luis Daniel Torres-González, 2020. "The Characteristics of the Productive Structure Behind the Empirical Regularities in Production Prices Curves," Working Papers 2016, New School for Social Research, Department of Economics.
    20. Kristin Asdal & Béatrice Cointe, 2022. "Writing good economics: how texts 'on the move' perform the lab and discipline of experimental economics," Post-Print hal-03429169, HAL.

    More about this item

    Keywords

    David Ricardo; Ideology; Piero Sraffa; George Stigler; Value and distribution;
    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
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ris:sraffa:0027. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Saverio M. Fratini (email available below). General contact details of provider: https://edirc.repec.org/data/sraffit.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.