Ricardo's Economics : A General Equilibrium Theory of Distribution and Growth
by Michio Morishima
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This book, together with Marx's Economic and Walras' Economics, completes a sequence of titles by Professor Morishima on the first generation of scientific economists. The author's assessment of Ricardo differs substantially from the established views adopted by economists and historians of economic thought. While economists such as Pasinetti, Caravale and Samuelson have concentrated on macroeconomic interpretations of Ricardo, and historians of economic thought have emphasised his labour show more theory of value, Morishima takes a different course. In this book the author concentrates on Ricardo's main work, The Principles, and shows that his economics is the prototype of mathematical economies without the symbols and formulae. Morishima then translates Ricardo's economics into mathematical language to find a general equilibrium system (very similar to Walras') concealed within. The analysis also contradicts the conventional view that marginalism emerged in opposition to classical economics, showing instead that Ricardian analysis is firmly based on marginalist principles, using prices, wages and profits rather than labour values. The book ends with a discussion of the historical character of economic theory and an attempt to specify the epoch of Ricardian economics. show lessTags
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Michio Morishima is the former Sir John Hicks Professor of Economics at the London School of Economics and Political Science. Previously he taught at Kyoto University and at Osaka University. He has written extensively on general economic theory, the theory of economic growth, the history of economic thought, the economics of modern industrial show more societies, and on socio-economic and historical aspects of the development of Japan show less
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