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Robert Torrens’ Theory of Profit Reconsidered1

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  • Taro Hisamatsu

Abstract

Two issues are addressed in this paper. First, I investigate Robert Torrens’ theory of profit and argue that it is dependent on prices. Second, I determine the extent to which Torrens was an advocate of the corn-ratio theory and, in this context, re-examine Giancarlo de Vivo’s claims that Torrens held such a theory. I argue that Torrens, for the sake of simplification, coincidentally made some formulations that are in conformity with a corn-ratio theory, but that he was not an advocate of this theory. I also conclude that Torrens’ statements of indebtedness to David Ricardo cannot be taken as definitive ‘further evidence’ in favour of Piero Sraffa’s famous interpretation of Ricardo’s early theory of profit.

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  • Taro Hisamatsu, 2009. "Robert Torrens’ Theory of Profit Reconsidered1," History of Economics Review, Taylor & Francis Journals, vol. 49(1), pages 1-14, January.
    • Handle: RePEc:taf:rherxx:v:49:y:2009:i:1:p:1-14
    DOI: 10.1080/18386318.2009.11682138
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