Value and Distribution

Abstract

I have taken the title of this chapter from the book by Maurice Dobb (1973), which provides a very clear and largely non-sectarian account of Ricardo’s treatment of these fundamental issues of value and distribution. But Dobb has a Marxian story to tell, as we shall see in chapter 8, and it is perhaps for this reason that he places ‘value’ ahead of ‘distribution’. Ricardo himself did it the other way round. Consistent with his vision (see chapter 2), the distribution of the social product was the most important question for him, since it was the principal factor that determined the rate of economic growth.