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Ricardo’s Theory of Value is Still Alive and Well in Contemporary Capitalism

Lefteris Tsoulfidis ()

MPRA Paper from University Library of Munich, Germany

Abstract: The purpose of this article is, on the one hand, to shed light on some significant aspects of Ricardo's theory of value and on the other hand to show that Ricardo's insights about the explanatory power of the relative labour times on the movement of relative prices were in the right direction. For this purpose, Ricardo's theory of value is cast rigorously and in modern terms such that by using detailed intertemporal data from input-output tables of two major economies to show that Ricardo's insights are absolutely consistent with the facts.

Keywords: David Ricardo; Value and distribution, Price-value deviations (search for similar items in EconPapers)
JEL-codes: B12 B14 B16 B3 B4 B51 B52 C0 C1 C2 C3 C4 C5 C6 C67 D3 D4 D46 D57 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-his, nep-hme and nep-hpe
Date: 2018, Revised 2018-04-10
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