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Production of commodities without commodities: Ricardo on profit and rent in the “principles”

Guido Erreygers ()

No 1991042, Discussion Papers (REL - Recherches Economiques de Louvain) from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES)

Abstract: Under the assumption that prices are proportional to labour values, it is demonstrated that Ricardo's reasoning on the relation between profit and rent in the Principles contains two errors. Both of them point to the neglect of commodity inputs. Curiously, though, they compensate one another, so that Ricardo's conclusion about the tendential fall of the rate of profits as a result of capital accumulation when there is no technical progress remains valid.

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