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On the Notion of Permanent and Temporary Causes. The Legacy of Ricardo

In: Economic Theories, Protagonists and Facts

Author

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  • Maria Cristina Marcuzzo

    (Sapienza University of Rome)

Abstract

This paper considers the distinction made by David Ricardo between “permanent” and “temporary” causes, which he sometimes refers to also as “stable” and “accidental” causes (see The Works and Correspondence of David Ricardo, vol I: 86, 88, 92; VI: 154), to derive implications useful to distinguish his approach from subsequent developments of the notions of short-period and long- period equilibrium. In particular, I trace the change of focus in the concept of “permanent” forces brought about by Alfred Marshall—from whose insights Alfred Kahn and John Maynard Keynes drew inspiration for their short-period analysis—which paved the way to fundamental changes in the method and theory. It is argued that Ricardo’s distinction maintains a heuristic value, in particular vis-à-vis the distinction between short and long period, which is part of the common language in standard economics.

Suggested Citation

  • Maria Cristina Marcuzzo, 2024. "On the Notion of Permanent and Temporary Causes. The Legacy of Ricardo," Palgrave Studies in the History of Economic Thought, in: Economic Theories, Protagonists and Facts, chapter 0, pages 103-122, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-031-63949-4_7
    DOI: 10.1007/978-3-031-63949-4_7
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    Cited by:

    1. Ghislain Deleplace, 2019. "“Orthodox versus Unorthodox Views on Ricardo’s Theory of Money”," Post-Print hal-04429068, HAL.
    2. Ghislain Deleplace, 2019. "‘Hierarchy of Causes’ and Theory of Money in Ricardo and Keynes," Post-Print hal-04253462, HAL.
    3. Ghislain Deleplace, 2020. "Orthodox versus Unorthodox Views on Ricardo’s Theory of Money," Post-Print hal-04253395, HAL.
    4. Ghislain Deleplace, 2019. "“Orthodox versus Unorthodox Views on Ricardo’s Theory of Money”," Post-Print hal-04429116, HAL.

    More about this item

    Keywords

    Ricardo; Marshall; Long and short period;
    All these keywords.

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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