Ricardo, unlike Adam Smith, attempted to use the law of labor value consistently. He sensed that this law applied not only to simple commodity production but also to capitalism proper. Ricardo was only partially successful in this, but he was on the right track. He realized that price is a relationship between the commodities whose price is being measured and the money commodity — gold — in which the commodity’s price is reckoned.
- Comment
- Reblog
-
Subscribe
Subscribed
Already have a WordPress.com account? Log in now.
A Critique of Crisis Theory 
You’ve written a brilliant piece. thank you for sharing your insights. I’ve long been intrigued by Keynes’s prediction that people would gradually work fewer hours as productivity increased. I’d love to hear your thoughts on what went wrong with that forecast. Why didn’t his vision of shorter working hours materialize?