Ricardian economics
(en)
the economic theories of David Ricardo, an English political economist born in 1772 who made a fortune as a stockbroker and loan broker; influenced by Adam Smith and influenced Karl Marx; wrote about rent, the labour theory of value, and the theory of comparative advantage
Marx’s Ricardian conception of real wages as permanently fixed at near the bare subsistence level ruled out anything but defensive struggles to keep wages from sinking below the subsistence minimum.
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7 years, 4 months ago