ABSTRACT
He had still to solve the problem of profit; but at least there was substance in his objection to Ricardo's argument that profit was a payment for time: that time without productivity was valueless.1 His verbal expedient did not satisfy Ricardo2 who kept returning to the problem of a measure which McCulloch again explicitly rejected4... this is no part of my object - I am only endeavouring to ascertain the circumstances which determine the comparative values of the commodities in the same market - The question agitated between you and Malthus is totally different - it is, what are the circumstances necessary to give invariability of value to any commodity - This is a question which I believe is quite insoluble, but at any rate it does not come within the scope of my enquiries'. 3 The grounds for believing that McCulloch misunderstood Ricardo do not seem strong.
