CHAPTER VII

THE EMPIRICAL THEORY AS DEVELOPED BY MALTHUS

§ 1. Malthus a prolific writer on value, and opponent of Ricardo 79

§ 2. An important transfer of emphasis from the “philosophical” to the “empirical” account 79

§ 3. The law of costs made subordinate to the law of supply and demand 80

§ 4. Detailed criticism of Ricardo’s labor-cost theory 83

§ 5. Majority of these points of criticism provided for by Ricardo himself 85

§ 6. Difference between the two economists partly one of emphasis: ultimate gain of Malthus’ theory 86

§ 7. Note on the question of the invariable measure of value for all times and places 88