ABSTRACT
In the history of theories of economic value, the two theories of value the so-called subjective and objective theories of value have been in opposition to each other since ancient times. Ricardo's labour theory of value represents a scientific purification and development of the labour theory of value and also forms the fundamental principle of the whole of his economic theory. As Ricardo's political economy is developed in an abstract and hypothetical way, his method of research seems to us to be excessively deductive; his doctrine seems at first sight to be altogether alien from the actual situations of the time. Dietzel interprets Ricardo's theory of value almost with the same attitude as Marshall, pointing out the error in the criticisms of Ricardo's theory of value by the theorists of marginal utility on the Continent. Bailey's criticism of the invariable measure of value proposed by Ricardo is a natural consequence of his definition of value.
