{"title":"A Critical Note on Ricardo's views on Absolute and Relative Value in terms of Labor Values","authors":"Miguel D. Ramirez","doi":"10.3280/spe2023-002003","DOIUrl":null,"url":null,"abstract":"This note examines Ricardo's views on absolute and relative value in terms of the labor theory of value. It discusses why Ricardo viewed the construction of a standard of value capable of measuring changes in the absolute value of commodities as critical to understanding the division of the national product among the main contending classes in a competitive capitalist economy. The paper also highlights the shortcomings of Ricardo's proposed standard measure of value – one that would challenge and confound him all his life.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":null,"pages":null},"PeriodicalIF":0.1000,"publicationDate":"2024-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"History of Economic Thought and Policy","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.3280/spe2023-002003","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
This note examines Ricardo's views on absolute and relative value in terms of the labor theory of value. It discusses why Ricardo viewed the construction of a standard of value capable of measuring changes in the absolute value of commodities as critical to understanding the division of the national product among the main contending classes in a competitive capitalist economy. The paper also highlights the shortcomings of Ricardo's proposed standard measure of value – one that would challenge and confound him all his life.
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