Ricardo on the Theory of Value and Money

This book is a renovative research work on Ricardos theory of value and of money, achieved through analysis of Ricardos original writings, made available in Sraffas Works. Takenaga argues that Ricardos economic theory should be understood as a cost theory of value. He begins by re-reading the first chapter of Ricardos Principles, focusing on the chapters theoretical structure and definition of labour. He then extends Ricardos characterisation of the theory of value by situating it in context of debates with other contemporary economists, namely Torrens and McCulloch. In later sections, he argues that Ricardos theory of money is not a quantity theory, and according to him the causal relation between moneys value and its quantity runs from the former to the latter. He closes the book with a discussion of Ricardos plans to reform the English monetary regime of his time. Providing new insights into essential aspects of Ricardos economic theory as well as into the history of economic thought, this book will appeal to economic researchers, particularly those studying the classical English economists.