By Peter Groenewegen
This moment quantity of essays on 19th and 20th century fiscal notion, enhances the 1st and keeps the excessive criteria of scholarship and educational rigour.
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Additional resources for Classics and Moderns in Economics: Essays on Nineteenth and Twentieth Century Economic Thought
Marshall 1961: I, 503, cf. 85, 101, n1, 525; 1921: 396–7; 1923: 167) Marshall’s position therefore depends in part on the characteristics he ascribed to Ricardo’s Principles, which in the previous section were shown to be no longer sustainable on the current information about Ricardo’s writing of that book. 10 Last, Marshall demonstrates Ricardo’s awareness of the role of demand and the nature of wants from textual evidence in Ricardo’s Principles. Marshall correctly suggests that Ricardo believed utility to be absolutely essential to value, though not to the measure of value.
Marshall’s drafts for the uncompleted volume on international trade say little about Ricardo’s views on the subject. The few references to his work, all either critical or non-substantial, include brief mentions of Ricardo’s doctrine on gross and net revenue, fixed capital in foreign trade and its effect on employment, and also a historical comment portraying Quesnay and Ricardo as founders of the ‘two first schools of abstract economics’ (Whitaker 1975: II, 61, 99, 85 respectively). : II, 106).
In a more detailed historical framework, Pasinetti (1986) developed this theme further by examining the theory of value as a source of alternative paradigms in economic analysis. These alternative approaches are reflected in the classical labour model focusing on production, and the pure exchange or pure preference model which came into its own in the post-1870s marginalist period. Basing itself in part on Pasinetti’s interpretation of Ricardo and, more generally, the Sraffa-inspired interpretations, this chapter implicitly confronts such interpretations with the influential perspective on Ricardo’s economics by Alfred Marshall, the founder of that Cambridge school of economics of which Pasinetti himself is such a distinguished product.