[OPE-L:1120] Re: Marx, Ricardo and money

Allin Cottrell (cottrell@wfu.edu)
Mon, 19 Feb 1996 10:49:46 -0800

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A brief follow-up. My hypothesis (which might be confirmed or refuted on
the basis of textual evidence from the period between 1847 and 1859) is
this: In 1847 Marx, as an admiring student of Ricardo, took over
unaltered what he took to be Ricardo's analysis of the value of money.
By 1859, having thought through the issues of political economy more
fully for himself, he came to the view that this analysis was fatally
inconsistent, and amounted to an abandonment of the labour theory of
value on an essential point. The irony is that the analysis that Marx
first embraced and then rejected -- but in each case attributed to
Ricardo -- was not really Ricardo's.

Allin Cottrell