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David Ricardo: Wages
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It was to give re-enforcement to such definite propositions that Ricardo developed and extended his original concept of value. The prime features of his modified exposition were disagreement with the doctrine that every rise in wages must necessarily be transferred to the price of commodities, and, second, demonstration of the converse dictum, that higher wages were actually compatible with lower prices.
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In the Essay on Profits, Ricardo deals only briefly with the theory of wages. He already has the two main points of the theory he will later develop in the Principles: that the rate of wages depends upon the proportion between capital and population, and that it will tend to be equal to “that remuneration for labour, which is necessary to the actual subsistence of the labourer” (IV, 22). Thus he assumes the rate of wages to be constant, by means of the assumption that “capital and population advance in the proper proportion” (IV, 12), but he does not really dwell on his conception—which, as Taussig (1896, p. 174n.) remarks, “was an idea of Malthus’s” (its main constituents... can be traced to the chapter on wages of the Wealth of Nations).
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