Advertisement

Theory of Differential Rent and Capital Heterogeneity: A Neo-Ricardian Analysis

  • Alain HerscoviciEmail author
Chapter

Abstract

In this chapter, I will attempt to reconstitute the epistemological trajectory that began with Ricardo’s theory of differential rent and led to Sraffa’s work and the Cambridge controversy. According to Ricardo’s theory, capital is conceived as a heterogeneous factor of production. Contrarily, Marshall’s reading of the Ricardian theory is based on a homogeneous conception of capital. I will highlight Marshall’s reading contradiction and demonstrate, consequently, why Ricardo cannot be conceived as the precursor of the marginalist neoclassical school.

References

  1. Baumol, W.J. 1982. Contestable Markets: An Uprising in the Theory of Industry Structure. American Economic Review 72 (1): 1–15. Google Scholar
  2. Bidard, Christian. 2014. The Ricardian Rent Theory Two Centuries After. Document de travail Working Paper 2014-54, Université de Paris Ouest Nanterre la Défense.Google Scholar
  3. Blaug, Mark. 1992. The Methodology of Economics or How Economists Explain, 2nd ed. Cambridge: Cambridge University Press.Google Scholar
  4. Dockès, Pierre. 1971. Introduction. In Des principes de l’économie politique et de l’impôt, ed. Ricardo David. Paris: Flammarion.Google Scholar
  5. Dvoskin, Ariel, and Saverio M. Fratini. 2016. On the Samuelson-Etula Master Function and the Capital Controversy. The European Journal of the History of Economic Thought 23 (6): 1032–1058.  https://doi.org/10.1080/09672567.2016.1186920.CrossRefGoogle Scholar
  6. Felipe, Jesus, and J.S.L. McCombie. 2005. How Sound Are the Foundations of the Aggregate Production Function? Eastern Economic Journal 31 (3) (Summer): 467–488.Google Scholar
  7. Garegnani, Pierangelo. 1980. Sobre a teoria da distribuição e do valor em Marx e nos economistas clássicos. Progresso técnico e teoria econômica. São Paulo: Hucitec-Unicamp.Google Scholar
  8. Gregory, Christopher A. 1997. Political Economy, Household Economy and the Price of Land: Towards a Decolonization of Social Sciences Imperialism. In Capital Controversy, Post-Keynesian Economics and the History of Economic Thought: Essays in Honour of Geoff Harcourt Volume One, ed. Philip Arestis, Gabriel Palma, and Malcolm Sawyer. London and New York: Routledge. Google Scholar
  9. Harcourt, G.C. 1972. Some Cambridge Controversies in the Theory of Capital. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
  10. Jessua, Claude. 1991. Histoire de la théorie économique. Paris: Presses Universitaires de France.CrossRefGoogle Scholar
  11. Kaldor, Nicholas. 1972. The Irrelevance of Equilibrium Economics. Economic Journal, Royal Economic Society 82 (328) (December): 1237–1255. Handle: RePEc:ecj:econjl:v:8.CrossRefGoogle Scholar
  12. Kalecki, Michal. 1990 [1939]. Crescimento e ciclo das economias capitalistas. São Paulo: Hucitec.Google Scholar
  13. Keynes, John Maynard. 2009 [1936]. The General Theory of Employment, Interest and Money. New York: Classic Books America.Google Scholar
  14. Marcuzzo, Maria Cristina, and Rosselli Annalisa. 2011. Sraffa and His Arguments Against ‘Marginism’. Cambridge Journal of Economics 35: 219–231.CrossRefGoogle Scholar
  15. Marshall, Alfred. 1920. Principles of Economics, 8th ed. London: Macmillan.Google Scholar
  16. Martins, Nuno Ornela. 2013. The Cambridge Contribution to the Revival of Classical Political Economy. London and New York: Routledge. Google Scholar
  17. Pasinetti, Luigi L. 1997. The Marginal Efficiency of Investment. A “Second Edition” of the General Theory—Vol. 1, ed. G.C. Harcourt and P.A. Riach, 198–218. London and New York: Routledge. Google Scholar
  18. Ricardo, David. 1821. On the Principles of Political Economy and Taxation, 3rd ed. Ontario: Batoche Book 2001.Google Scholar
  19. Robinson, Joan. 1953–1954. The Production Function and the Theory of Capital. Review of Economic Studies xxi: 81–106.CrossRefGoogle Scholar
  20. Rotheim, Roy J. 1988. Keynes and the Marginalist Theory of Distribution. Journal of Post Keynesian Economics 20 (3) (Spring): 355–387.CrossRefGoogle Scholar
  21. Schumpeter, Joseph A. 1983 [1954]. Histoire de l’analyse économique. L’âge classique—II. Paris: Gallimard.Google Scholar
  22. Solow, Robert. 1956. A Contribution to the Theory of Economic Growth. Quarterly Journal of Economics 70: 65–94.CrossRefGoogle Scholar
  23. Sraffa, Piero. 1925. Sulle relazioni fracosto e quantitá prodotta. Annali di Ecónomia II (1): 277–328.Google Scholar
  24. ———. 1926. The Laws of Returns Under Competitive Conditions. The Economic Journal 36 (144) (December): 535–550.CrossRefGoogle Scholar
  25. ———. 1972 [1960]. Produção de Mercadorias por Meio de Mercadorias. Prelúdio para uma Crítica da Teoria Econômica. Rio de Janeiro: Zahar Editores.Google Scholar
  26. West, Edward. 1815. The Application of Capital to Land, ed. Jacob H. Hollander. Baltimore: The Johns Hopkins Press. Google Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  1. 1.Universidade Federal do Espírito SantoVitóriaBrazil

Personalised recommendations