Meacci, Ferdinando (2013): Wealth. Forthcoming in:
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Abstract
The notion of wealth appears and reappears in Ricardo’s works within three different sets of arguments. One is concerned with the distinction between wealth and value, another with the causes of the progress of wealth, the third with the consequences of this progress on the trend of natural wages, profit and rent. Ricardo deals with these subjects sometimes in agreement and sometimes in disagreement with Smith. The agreement reaches a climax on the notion of wealth as such as well as on the causes of its progress while the disagreement ramifies into the foundations both of that distinction and of the resulting conclusions on the trend of natural wages, profits and rent. This entry will focus on the details of Ricardo’s agreements and disagreements with Smith on the subject of wealth as distinct from the close subject of value. We will prove that, except for some minor differences, Ricardo’s notion of wealth is the same as Smith’s. As such, it is used by Ricardo as synonymous with the notion of the “annual produce of the land and labour”, or of the “necessaries, conveniences and amusements of human life”, available in a country in a period. This coincidence permeates Ricardo’s theory of wealth in so far as this theory is focused on the progress, as distinct from the distribution, of wealth. Thus, starting from a similar theory of wealth but from a very different theory of value, Ricardo develops some of his criticisms of Adam Smith’s theory on the basis of his distinction between value and riches (wealth) as well as of his exclusive notion of rent as a price paid to the owner of land “for the use of its original and indestructible powers”. These criticisms are consistent with Ricardo’s starting point on value as labour embodied and are in contrast with Smith’s different starting point on value as labour commanded. A draft of this paper has been submittted for publication in the Elgar Companion to David Ricardo, edited by H. Kurz and N. Salvadori, E. Elgar, forthcoming
Item Type: | MPRA Paper |
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Original Title: | Wealth |
English Title: | Wealth |
Language: | English |
Keywords: | Wealth, Value, Rent, Ricardo, Smith |
Subjects: | B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B12 - Classical (includes Adam Smith) B - History of Economic Thought, Methodology, and Heterodox Approaches > B3 - History of Economic Thought: Individuals |
Item ID: | 55496 |
Depositing User: | Ferdinando Meacci |
Date Deposited: | 27 Apr 2014 01:22 |
Last Modified: | 04 Oct 2019 16:46 |
References: | Lauderdale J. M. (1962 [1804]). An Inquiry into the Nature and Origin of Public Wealth. New York: A. M. Kelley Malthus T. R. (1986 [1827]). Definitions in Political Economy, London: Pickering & Chatto, Vol. 8 Malthus T. R. (1986 [1836]). Principles of Political Economy, London: Pickering & Chatto, Vols 5-6 Meacci F. (1998a). Wealth, in Kurz H. D. and N. Salvadori (eds.) (1998), The Elgar Companion to Classical Economics, Aldershot: Edward Elgar, Vol. II, pp.535-541 Meacci F. (1998b). Value and Riches, in Kurz H. D. and N. Salvadori (eds.) (1998), The Elgar Companion to Classical Economics, Aldershot: Edward Elgar, Vol. II, pp.498-502 Meacci F. (2012). On Smith’s ambiguities on value and wealth, History of Political Economy, 44:4, pp.663-689 Mill J. S. (1965 [1871]). Principles of Political Economy with Some of Their Applications to Social Philosophy, Toronto: Toronto University Press Ricardo D. (1951-1973 [1820]). Notes on Malthus’s Principles of Political Economy, in P. Sraffa (ed.), The Works and Correspondence of David Ricardo, Cambridge: Cambridge University Press, Vol. II Ricardo D. (1951-1973 [1821]). On the Principles of Political Economy and Taxation, in P. Sraffa (ed.), The Works and Correspondence of David Ricardo, Cambridge: Cambridge University Press, , Vol. I Say J. B. (1821 [1803-1819]). A Treatise on Political Economy, or the Production, Distribution, and Consumption of Wealth, translated by C. R. Prinsep on the fourth (1819) French edition, Boston: Wells and Lilly Schumpeter J. A. (1954). History of Economic Analysis, London: Allen & Unwin Senior N. (1965 [1836]). An Outline of the Science of Political Economy, New York: A. M. Kelley Smith A. (1976 [1776]). An Inquiry into the Nature and Causes of the Wealth of Nations, Oxford: Clarendon Press, 2 Vols |
URI: | https://mpra.ub.uni-muenchen.de/id/eprint/55496 |