Marx on Ricardo: an explanation of some important misunderstandings

Eberhard Feess (eberhard.feess@vuw.ac.nz)

The European Journal of the History of Economic Thought, 1998, vol. 5, issue 2, 276-291

Abstract: Ricardo's theory of value and distribution is reconstructed by proceeding along the lines of Marx's critique of Ricardo. It is thus an anti-critique of Marx's reading of Ricardo. The chapter 'On Value' in Ricardo's Principles is shown to be a consistent and rigorous treatment of the determinants of prices of production. According to Ricardo labor-values merely serve to approximate more elaborate standards of value. Marx's criticism is shown to rest crucially on his own misinterpretation of Ricardo's definitions and presupposes his own - faulty - theory of surplus value. Therefore Ricardo's theory can - contrary to Marx's theory of surplus value - still be regarded as a fruitful complement to Sraffa's model.

Keywords: Marx; Ricardo; theory of surplus value; labour theory of value (search for similar items in EconPapers)
Date: 1998
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DOI: 10.1080/10427719800000021

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