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Ricardo on machinery: a dynamic analysis

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  • Takashi Uchiyama

Abstract

I construct a dynamic two-sector model which formalizes Ricardo's argument on the effects of the introduction of machinery. My model does not require the inappropriate assumptions common to other Ricardian models. Using this model, I show that if machinery is introduced, both the demand for labour and the output of the consumption good must decline temporarily and can then recover. As well, the temporal decline of value of the gross produce is not a necessary condition for the above temporal decline of the demand for labour.

Suggested Citation

  • Takashi Uchiyama, 2000. "Ricardo on machinery: a dynamic analysis," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 7(2), pages 208-227.
    • Handle: RePEc:taf:eujhet:v:7:y:2000:i:2:p:208-227
    DOI: 10.1080/096725600361780
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    References listed on IDEAS

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    1. Luigi L. Pasinetti, 1960. "A Mathematical Formulation of the Ricardian System," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 27(2), pages 78-98.
    2. John Hicks & Samuel Hollander, 1977. "Mr. Ricardo and the Moderns," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 91(3), pages 351-369.
    3. Gianluca Femminis & Andrea Salanti, 1995. "Davis on Ricardo's Machinery Chapter: A Comment," History of Political Economy, Duke University Press, vol. 27(1), pages 89-99, Spring.
    4. repec:bla:econom:v:56:y:1989:i:222:p:215-24 is not listed on IDEAS
    5. Hans Brems, 1970. "Ricardo's Long-Run Equilibrium," History of Political Economy, Duke University Press, vol. 2(2), pages 225-245, Fall.
    6. Hicks, J. R., 1969. "A Theory of Economic History," OUP Catalogue, Oxford University Press, number 9780198811633.
    7. Barkai, Haim, 1986. "Ricardo's Volte-Face on Machinery," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 595-613, June.
    8. Samuelson, Paul A, 1988. "Mathematical Vindication of Ricardo on Machinery," Journal of Political Economy, University of Chicago Press, vol. 96(2), pages 274-282, April.
    9. Dome, Takuo, 1992. "Ricardo's Theory of Tax Incidence: A Sraffian Re-interpretation," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 16(1), pages 43-53, March.
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