David Ricardo is without doubt the greatest representative of classical political economy. He carried his work begun by Smith to the farthest point possible without choosing one or the other of the roads which led out of the contradiction inherent in it.
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Eric Roll, A History Of Economic Thought, Chapter IV, p.176David Ricardo
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The whole Marxian system springs from classical political economy as it found expression in Ricardo.
Eric Roll
The roads that we are using today were all built by Smith. All the infrastructure is Smith’s. We never suffered the way we are suffering now because Smith took care of the economy that supported all people and they had enough to eat. When he left power the [British] pound was on a par with the Zimbabwean dollar, but President Mugabe has killed all that.
Ian Smith
Keynes himself had in his day been known to make some fairly radical noises, for instance, calling for the complete elimination of that class of people who lived off other people's debts-"the euthanasia of the rentier," as he put it-though all he really meant by this was their elimination through a gradual reduction of interest rates. As in much of Keynesianism, this was much less radical than it first appeared. Actually, it was thoroughly in the great tradition of political economy, hearkening back to Adam Smith's ideal of a debtless utopia but especially David Ricardo's condemnation of landlords as parasites, their very existence inimical to economic growth.
John Maynard Keynes
The physiocrats started a train of thought which was a powerful stimulus to the development of a labour theory of value and surplus value.They did not, however develop such a theory of value themselves. What attention they gave to the problem of exchange-value and price produced results of an altogether different character. Thus while one of their contributions finds its continuation in Smith, Ricardo, and Marx, the other leads to the post-classical supply and demand and utility theories of value.
Eric Roll
Economists of the modern school will no doubt protest that I have said nothing of the use of budget deficits or surpluses for the control of the economy in general. I doubt if such techniques would ever be appropriate in Hong Kong's exposed economic position; and I think they are certainly not appropriate at present, when in strict orthodoxy they would suggest the need to plan for a very substantial surplus "to take the heat out of the economy". Although we have in fact run substantial surpluses in recent years we have not done so with deflationary effect because we have not removed them from the economy but have left them inside the Colony's banking system to continue to work for the economy. $500 million or 55% of reserves are so held at present.
John James Cowperthwaite
Ricardo, David
Rice-Davies, Mandy
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