IDEAS home Printed from https://ideas.repec.org/a/taf/eujhet/v9y2002i3p333-358.html
   My bibliography  Save this article

Tooke's approach to explaining prices

Author

Listed:
  • Matthew Smith

Abstract

This paper examines the method of analysis and theoretical approach Thomas Tooke (1774-1858) employed in his empirical study of English prices. It is shown that Tooke adopted the “long period method” formulated by Adam Smith to analyse a capitalist society. It is shown that like most nineteenth-century classical economists, Tooke adopted a modified version of Adam Smith's “adding-up” approach to normal prices and distribution which incoporated Ricardo's theory of rent. The paper shows that based on this approach, Tooke explained short-run fluctuations in prices be reference to factors that disrupted the adjustment of supply to the “effectual” demand for commodities.

Suggested Citation

  • Matthew Smith, 2002. "Tooke's approach to explaining prices," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(3), pages 333-358.
    • Handle: RePEc:taf:eujhet:v:9:y:2002:i:3:p:333-358
    DOI: 10.1080/09672560210149206
    as

    Download full text from publisher

    File URL: http://www.tandfonline.com/doi/abs/10.1080/09672560210149206
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/09672560210149206?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676, October.
    2. Garegnani, Pierangelo, 1984. "Value and Distribution in the Classical Economists and Marx," Oxford Economic Papers, Oxford University Press, vol. 36(2), pages 291-325, June.
    3. Pierangelo Garegnani, 2024. "Value and Distribution in the Classical Economists and Marx," Springer Studies in the History of Economic Thought, in: Roberto Ciccone (ed.), Capital Theory, the Surplus Approach, and Effective Demand, pages 305-340, Springer.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Luis Daniel Torres-González, 2020. "The Characteristics of the Productive Structure Behind the Empirical Regularities in Production Prices Curves," Working Papers 2016, New School for Social Research, Department of Economics.
    2. Jonathan F. Cogliano & Roberto Veneziani & Naoki Yoshihara, 2022. "Computational methods and classical‐Marxian economics," Journal of Economic Surveys, Wiley Blackwell, vol. 36(2), pages 310-349, April.
    3. Mariolis, Theodore, 2006. "A Critical Note on Marx’s Theory of Profits," MPRA Paper 24044, University Library of Munich, Germany.
    4. Neri Salvadori & Rodolfo Signorino, 2013. "The Classical Notion of Competition Revisited," History of Political Economy, Duke University Press, vol. 45(1), pages 149-175, Spring.
    5. Fabio Ravagnani, 2001. "Notes on a Mischaracterization of the Classical Theory of Value," Review of Political Economy, Taylor & Francis Journals, vol. 13(3), pages 355-363.
    6. Jorge Ivan Gonzalez & Mauricio Perez Salazar, 2019. "Mercados y Bienestar. Ensayos en memoria de homero cuevas," Books, Universidad Externado de Colombia, Facultad de Economía, number 79, August.
    7. Jonathan F Cogliano, 2023. "Marx’s equalised rate of exploitation," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 47(1), pages 133-169.
    8. Antonio D'Agata, 2021. "Normative (and objective) analysis in Sraffa's system," Metroeconomica, Wiley Blackwell, vol. 72(3), pages 635-648, July.
    9. Torres-González, Luis Daniel, 2022. "The Characteristics of the Productive Structure Behind the Empirical Regularities in Production Prices Curves," Structural Change and Economic Dynamics, Elsevier, vol. 62(C), pages 622-659.
    10. Harvey Gram, 2003. "Joan Robinson: classical revivalist or neoclassical critic?," Review of Political Economy, Taylor & Francis Journals, vol. 15(4), pages 493-508.
    11. Fabio Ravagnani, 1999. "On a current characterization of the classical theory of value," Working Papers in Public Economics 39, University of Rome La Sapienza, Department of Economics and Law.
    12. Zolea, Riccardo, 2021. "The relation between interest rate and profit rate: the role of bank profitability in an endogenous money framework," MPRA Paper 108973, University Library of Munich, Germany.
    13. Alejandro Sancho, 1997. "Excedente, valor y distribución en las teorías clásica y marxista del crecimiento," Apuntes. Revista de ciencias sociales, Fondo Editorial, Universidad del Pacífico, vol. 24(41), pages 105-128.
    14. Kurz, Heinz D., 2006. "The agents of production are the commodities themselves: On the classical theory of production, distribution and value," Structural Change and Economic Dynamics, Elsevier, vol. 17(1), pages 1-26, January.
    15. Bellino , Enrico & Nerozzi, Sebastiano, 2015. "Causality and interdependence in Pasinetti’s works and in the modern classical approach," Centro Sraffa Working Papers CSWP10, Centro di Ricerche e Documentazione "Piero Sraffa".
    16. Smith, Matthew, 2018. "Demand-Led Growth Theory in a Classical Framework: Its Superiority, Its Limitations, and Its Explanatory Power," Centro Sraffa Working Papers CSWP29, Centro di Ricerche e Documentazione "Piero Sraffa".
    17. Rossi, Enrico, 2020. "Reconsidering the dual nature of property rights: personal property and capital in the law and economics of property rights," LSE Research Online Documents on Economics 105840, London School of Economics and Political Science, LSE Library.
    18. Bellino, Enrico & Nerozzi, Sebastiano, 2013. "Causality and interdependence in Pasinetti's works and in the modern classical approach," MPRA Paper 52179, University Library of Munich, Germany.
    19. Sergio Cesaratto, 2012. "Controversial and novel features of the Eurozone crisis as a balance of payment crisis," Department of Economics University of Siena 640, Department of Economics, University of Siena.
    20. José Felix Catano, 1996. "¿Un defecto en la mercancía patrón de Sraffa?," Revista Cuadernos de Economia, Universidad Nacional de Colombia, FCE, CID, June.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:eujhet:v:9:y:2002:i:3:p:333-358. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/REJH20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.