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The topicality of David Ricardo’s thought (on the bicentenary of the publication ‘On the Principles of Political Economy, and Taxation’)

Author

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  • Mirosaw Bochenek

    (Nicolaus Copernicus University)

Abstract
Motivation: On April 19, 2017 200 years had elapsed since the publication of his book, On the Principles of Political Economy, and Taxation. Using the method of abstraction, deduction, and modelling, the British stockbroker and economist — despite his lack of formal economic education — produced many original concepts that have earned him a lasting place in the history of economics. Aim: The objective of this study is to analyze the views of D. Ricardo, one of the most eminent representatives of the classical school, while the research problem is an attempt to assess their relevance. Results: It follows from a critical analysis of his views that the creators of the marginal revolution overthrew his theories of value and the theory of wages. The institutional, legal and social changes that have taken place in the capitalist economy in the past two centuries have made his theory of price-specie-flow and the theory of economic development obsolete. However, his theories of money, foreign trade and rent of land, and his methods of investigation have withstood the test of time. Controversial remains the law of market (‘Say’s law’) advocated by the classicists, and rejected by the followers of Keynesianism.

Suggested Citation

  • Mirosaw Bochenek, 2017. "The topicality of David Ricardo’s thought (on the bicentenary of the publication ‘On the Principles of Political Economy, and Taxation’)," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 16(3), pages 287-300, September.
    • Handle: RePEc:cpn:umkeip:v:16:y:2017:i:3:p:287-300
    DOI: 10.12775/EiP.2017.020
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    Keywords

    history of economic thought; classical school; economic methodology; theory of value; theory of money; division theory; foreign trade theory; law of market;
    All these keywords.

    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • F10 - International Economics - - Trade - - - General

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