Robert Torrens and the Ricardian model of dynamic equilibrium growth

Taro Hisamatsu

The European Journal of the History of Economic Thought, 2018, vol. 25, issue 2, 203-226

Abstract: This paper reconstructs Torrens's dynamic theory of distribution which is based on three notions of wages. In the early stages of growth, capital increases faster than population, so the actual wage rises above the minimum. Thereafter, the economy grows with a tendency for the population to increase faster than the capital while limiting the actual wage below the decreasing maximum until it enters a stationary state and the actual wage and profit rates are reduced to their minimum. Such a theory has been attributed to Ricardo by some scholars, but Torrens proposed a more fully developed account than Ricardo's.

Date: 2018
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DOI: 10.1080/09672567.2018.1425467

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