Retrospectives: Ricardo on Machinery

Samuel Hollander

Journal of Economic Perspectives, 2019, vol. 33, issue 2, 229-42

Abstract: We are currently experiencing an outpouring of concern both popular and professional regarding technological unemployment. I shall be discussing an apparent about-turn on the subject by David Ricardo (1772-1823), who at different times, even in different chapters of the same book, and, indeed, even at different places in the same chapter, seemed to be on both sides of the argument as to whether technological unemployment should be a matter for concern. In a chapter entitled "On Machinery," added to the third edition of his Principles of Political Economy (1821), which comprises volume 1 of his Collected Works (1951-73), Ricardo announced that he had become concerned about the possibility, even likelihood, of technical change detrimental to labour's interests. However, in the very same "On Machinery" chapter, Ricardo also outlined qualifications to show that there was little need for concern. Ricardo's opposing messages are reflected in contrasting reactions to the chapter "On Machinery." Some readers—including Thomas Robert Malthus and J. R. McCulloch—understood it as supporting working-class opposition to machinery. Others—including John Stuart Mill and Sir John Hicks—find therein the answer to such opposition.

JEL-codes: B12 B31 E24 J24 J31 O33 (search for similar items in EconPapers)
Date: 2019
Note: DOI: 10.1257/jep.33.2.229
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://www.aeaweb.org/doi/10.1257/jep.33.2.229 (application/pdf)
https://www.aeaweb.org/articles/attachments?retrie ... 1Ad0EWXabWir0Idm2UQg (application/zip)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aea:jecper:v:33:y:2019:i:2:p:229-42

Ordering information: This journal article can be ordered from
https://www.aeaweb.org/journals/subscriptions

Access Statistics for this article

Journal of Economic Perspectives is currently edited by Enrico Moretti

More articles in Journal of Economic Perspectives from American Economic Association Contact information at EDIRC.
Bibliographic data for series maintained by Michael P. Albert ().