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A Remark on Intensive Differential Rent and the Labour Theory of Value in Ricardo

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  • Saverio M. Fratini

Abstract

In the Principles, Ricardo defended his labour theory of value by arguing that even where all cultivated land pays rent, the last dose of capital employed on the land does not and there is therefore no rent in the price of the product of this capital. We will show, on the contrary, that the intensive differential rent paid on land of the worst quality under cultivation enters into the agricultural product price and so, even in the most favourable case, commodities are no longer exchanged at prices based on the quantities of labour they embody.

Suggested Citation

  • Saverio M. Fratini, 2012. "A Remark on Intensive Differential Rent and the Labour Theory of Value in Ricardo," Bulletin of Political Economy, Bulletin of Political Economy, vol. 6(2), pages 133-147, December.
    • Handle: RePEc:awu:journl:v:6:y:2012:i:2:p:133-147
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    References listed on IDEAS

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    1. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676.
    2. 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.
    3. Kurz, Heinz D, 1978. "Rent Theory in a Multisectoral Model," Oxford Economic Papers, Oxford University Press, vol. 30(1), pages 16-37, March.
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    Cited by:

    1. Bidard, Christian, 2014. "The Ricardian rent theory: an overview," Centro Sraffa Working Papers CSWP8, Centro di Ricerche e Documentazione "Piero Sraffa".

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    More about this item

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory

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