Classical and Marxian Political Economy: Essays in Honour of by Ian C. Bradley, M.C. Howard

Classical and Marxian Political Economy: Essays in Honour of by Ian C. Bradley, M.C. Howard

By Ian C. Bradley, M.C. Howard

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163). It was concluded that 'the internal consistency ' of the procedure is 'fully vindicated' (Seton, 1957, p. 176) subject to one reservation: No doubt the ... [in variance postulates so far considered] ... do not exhaust all the possibilities. There may be other aggregates or relationships with perfectly reasonable claims to invariance whose candidacy has not so far been pressed. But ... the principle of equal profitability in conjunction with any one invariance postulate wz"ll completely determine all prices ...

Malthus, of course, was not Ricardo's only critic. West believed that the wage and rate of profit were positively related (see Stigler, 1952, p. 177). Other economists were, in general, not well disposed to accepting Ricardo's analysis. See Gordon (1959), Meek (1967, pp. 51-74) and Dobb (1973, pp. 96-136). 29. Ricardo (Works VI, p. 111). Malthus's position, like that of Ricardo, reflected an ideological commitment. In Malthus's case his opposition to Say's law reflected his attempt to reconcile the interests of the landlords and capitalists.

1979) Modern Theories of Income Distribution (London, Macmillan). HOWARD, M. C. and KING,]. E. (1975) The Political Economy of Marx (London, Longman). LAIBMAN, D. (1973). 'Values and prices of production: the political Introduction 41 economy of the transformation problem', Science and Society, vol. 37' pp. 404-36. LINDAHL, E. ( 1939) Studies in the Theory of Money and Capital (London, Allen & Unwin). MALTHUS, T. R. (1820) Principles of Political Economy (London, Murray). MARSHALL, A. (1890) Principles of Economics (London, Macmillan).

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