Ricardo on machinery: a dynamic analysis

Takashi Uchiyama

The European Journal of the History of Economic Thought, 2000, vol. 7, issue 2, 208-227

Abstract: I construct a dynamic two-sector model which formalizes Ricardo's argument on the effects of the introduction of machinery. My model does not require the inappropriate assumptions common to other Ricardian models. Using this model, I show that if machinery is introduced, both the demand for labour and the output of the consumption good must decline temporarily and can then recover. As well, the temporal decline of value of the gross produce is not a necessary condition for the above temporal decline of the demand for labour.

Keywords: Machinery Question Ricardo Unemployment (search for similar items in EconPapers)
Date: 2000
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DOI: 10.1080/096725600361780

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