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Additional resources for A Dynamical Theory of Economic Equilibrium
Because this frontier plays a most crucial role in the Ricardian economics, I shall carefully examine the various methods of deriving the frontier and discuss their merits and demerits in a later chapter. 6 We have so far made no reference to land and rent. It has implicitly been assumed that land is homogenous in quality and abundant in quantity, so that land is free and no rent is paid. Some economists have criticized the labour theory of value in this respect. Samuelson, for instance, is concerned with the case where labour is reproducible without limit.
7 J. Schumpeter, Theorie der wirtschaftlichen Entwicklung, Duncker und Humblot, Berlin, 1964 (unveranderter Nachdruck der 1934 erschienen vierten Auflage), SS. 19-23. , p. 41 ; J. Schumpeter, The Theory of Economic Development, Harvard University Press, 1951, p. 32. 30 Ricardo's economics at the intensity level m are mwbL0 and mK0 with depreciation mA0, where m � 1 . In the following b includes consumption of corn. Let x0 be the output of agriculture, say, of corn, from one acre; then the production function may be written as x0 = f(mwbL0, mA0, mK0, 1 ) (or more simply x0 = f(m, 1 )), where the last element 1 refers to the area of land cultivated that is one acre.
Also a passage to the same effect is stated by him as: 'I hope I have succeeded in showing . . that only those commodities would rise which had less fixed capital employed upon them than the medium in which price was estimated, and . . all those which had more, would positively fall in price when wages rose' (p. 46). However, as will be seen below, this law of price changes, which Ricardo obtained by analysing a numerical example, will be violated by a counter-example. As he knew that numerical analysis is not powerful enough to establish a general law and may be easily refuted by another example, Ricardo was not confident of Prices and the Ricardian marginalism 25 the validity of the law.