ABSTRACT

This chapter defines with the various aspects of David Ricardo's treatment of the problem of the invariable measure of value. It deals with Sraffa's interpretation of these aspects in his published writings. The chapter explores it through the lens of Sraffa's papers. Given the huge amount of notes Sraffa left to posterity, only some of them, those we consider to be particularly important and interesting, will be referred to. Ricardo's search for an "invariable measure of value" in the first and second edition of the Principles was originally a search for a commodity that would require 'at all times, and under all circumstances, precisely the same quantity of labour to obtain it'. Ricardo's search for an invariable measure of value and its relation to Sraffa's Standard commodity was also studied by Cristina Marcuzzo and Annalisa Rosselli in several contributions. The chapter summarizes the findings and relates them to Cristina's treatment of the issue of the standard of money in Ricardo's monetary thought.