To the problem of cost in the book D. Ricardo «The beginning of political economy and tax exchange» (1817)

Polishchuk Vladimir
student, Odessa national economic university. E-mail:st_vlad0901@ukr.net

Nesenenko Pavel
Candidate of Еconomic Sciences, Assistant Professor, Odessa national economic university. E-mail:st_vlad0901@ukr.net

Cite this article:

Polishchuk V., Nesenenko P., (2018) To the problem of cost in the book D. Ricardo «The beginning of political economy and tax exchange» (1817). Ed.: М.D. Baldzhy (ed.-in-ch.) and others [Systema pensiinoho zabezpechennia Ukrainy ta yevrointehratsiini protsesy; za red.: М. D. Baldzhy (gol. red.)], Scientific Bulletin of the Odessa National Economic University (ISSN 2313-4569), Odessa National Economics University, Odessa, No. 9(261), pp. 129-146.

Abstract

This article describes analysis of one of the key political economy theoretical questions, the theory of value based on ‘The Beginning of Political Economy and Taxation’ by David Ricardo. According to this we show author’s interpretation of the subject and political economy method of studying as the establishment of «earth product» laws distribution between the three main society groups: landlords, owners of money or the capital required for its processing and workers who makes it in order and create basic income such as rent, profit and wages. Also we look through his theory of value (value) as well as analyze the fundamental problems of value through the prism of deductive method. The article is focused on the author’s interpretation of the exchange value (value). Exchange value is considered not only from the point of David Ricardo’s view but also from the point of view of some other trends representatives such as Marxism and marginalism. So, when the first ones believed that labor embodied in goods lays in the basis of exchange value and their rarity is an element of exchange value, the others were sure that it was based on utility. D. Ricardo included both, labor costs and rarity into his basis of the exchange analysis (although he did not describe it clearly). These allowed him to come to the effect of such a factor in the value formation as land what was revealed in the analysis of land rent issues. The work shows that D. Ricardo’s scientific achievements are the problem of value: first, the reduction to exchange value of useful benefits from two sources - rarity and quantity of labor; secondly, it allowed to deepen the issue from the point of view of the production process, which was based on the two-factor model of wealth creation - labor and land; thirdly, it deepened the study of value on the part of ascertaining the laws of exchange, which were fundamentally different from the laws of production, which are carried out not so much in terms of labor costs, as in the laws of capital cost recovery. The creative work of D. Ricardo showed the importance of clearly following the logic of disclosing problems, clarifying the principles of science and linking them to solving specific practical issues that, for all the depth of productions, the scientist could not clearly carry out. This required the genius of A. Marshall, who showed their depth, built the logic of supply, drew conclusions from it and demonstrated its importance for science.

Keywords

subject, method, political economy, exchange value, value, exchange, rent, wage, theory of value, profit, capital.

JEL classification: В300

UD classification: 330.821.1:330.1

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