From: ajit sinha (sinha_a99@YAHOO.COM)
Date: Thu Sep 13 2007 - 09:03:57 EDT
--- glevy@PRATT.EDU wrote: > > here are Ricardo's last written words. A letter > > to James Mill written on 5 Sept. 1823. Ricardo > fell > > ill with ear infection on the 6th and died on the > > 11th. This might help you understand Ricardo > better: > > > > "...John does not allow for profits increasing at > a > > compound rate. The profits for 5 years are more > than 5 > > times the profits of one, and the profits of one > year > > more than 52 times the profits for one week, and > it is > > this which makes the great part of the difficulty. > Beg > > him to consider this and let me know if I am wrong > in > > my critique on his paper. I have been thinking a > good > > deal on this subject lately but without much > > improvement--I see the same difficulties as before > and > > am more confirmed then ever that strictly speaking > > there is not in nature any correct measure of > value > > nor can any ingenuity suggest one, for what > > constitutes a correct measure for some things is a > > reason why it cannot be a correct one for others. > > Yours ever, David Ricardo". "John" in the letter > was > > apparently John Stuart Mill. The paper Ricardo is > > referring to has not been found. > > > Hi Ajit: > > Very interesting quote. Thanks. It certainly shows > that at the end of > his life, Ricardo was thinking about these > "difficulties". Isn't the > issue that he posed above related to *labor time* in > addition to changes > in the turnover of (constant) capital? E.g. > changes in the > *intensity of labor* and changes in the *hours of > work* (including > changes in the length of the working day) can help > to explain (in part) > the problem that Ricardo was thinking about. > > In solidarity, Jerry _______________________ No. Intensity of labor and the length of the working day etc. are taken as fixed. They have nothing to do with his problem. Cheers, ajit sinha ____________________________________________________________________________________ Yahoo! oneSearch: Finally, mobile search that gives answers, not web links. http://mobile.yahoo.com/mobileweb/onesearch?refer=1ONXIC
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