ABSTRACT
This chapter examines two rectification problems, and both relate to Ricardo's value theory. One relates to domestic (or internal) value theory, and the other to the theory of international values. It expresses why Ricardo remains important – even crucial – to economics. The chapter offers future prospects for the classical theory of value. In the case of domestic value theory, the obstruction is now more important than the correct formulation. In comparison to neoclassical economics, classical economics had a wider view with regard to the economy. The core idea of the new theory is to pay attention to the facets of the production possibility set (PPS). The relative interior of a facet is called the regular domain. The production possibility frontier (PPF) of a trading economy comprises a finite number of facets. The new theory of international values includes in itself the logic of choice of techniques and the trade in input or intermediate goods.
