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The Ricardian rent theory two centuries after

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  • Christian Bidard

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract

We propose to re-read Ricardo's theory of rent and its modern versions. Ricardo's dynamic approach follows the transformations of a long-term equilibrium with demand. Sraffa adopted the same framework while substituting a value criterion for a physical criterion to determine the incoming marginal method, but he did not state the law of succession of methods explicitly. This prevented him to realize that his critique opens the door to all complications of capital the ory, with the consequence that the Ricardian dynamics fail when a divergence appears between profitability and productivity. Contemporary studies have cast doubts on the validity of some of Ricardo's and Sraffa's over-optimistic conclusions, but the abandonment of the dynamic approach does not allow them to explain the ultimate reason of the phenomena they have pointed at. Ricardo's method has been recently rediscovered by mathematicians.

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  • Christian Bidard, 2014. "The Ricardian rent theory two centuries after," Working Papers hal-04141289, HAL.
    • Handle: RePEc:hal:wpaper:hal-04141289
    Note: View the original document on HAL open archive server: https://hal.science/hal-04141289
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    References listed on IDEAS

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    1. Christian Bidard, 2010. "The dynamics of intensive cultivation," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 34(6), pages 1097-1104.
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    4. Christian Bidard & Guido Erreygers, 1998. "The number and type of long-term equilibria," Journal of Economics, Springer, vol. 67(2), pages 181-205, June.
    5. C. E. Lemke, 1965. "Bimatrix Equilibrium Points and Mathematical Programming," Management Science, INFORMS, vol. 11(7), pages 681-689, May.
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    7. Montet, C, 1979. "Reswitching and Primary Input Use: A Comment," Economic Journal, Royal Economic Society, vol. 89(355), pages 642-647, September.
    8. M. Seetharama Gowda & Jong-Shi Pang, 1992. "On Solution Stability of the Linear Complementarity Problem," Mathematics of Operations Research, INFORMS, vol. 17(1), pages 77-83, February.
    9. Dierker, Egbert, 1972. "Two Remarks on the Number of Equilibria of an Economy," Econometrica, Econometric Society, vol. 40(5), pages 951-953, September.
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