ABSTRACT
I am happy to let readers work through the textual evidence as presented in this paper [above, Chapter 15] and Dr Peach's reaction and decide for themselves as to ‘the timing and extent’ of Ricardo's adoption of the falling wage growth model (Peach 1990, 764). Since I allow that between Ricardo's first statement of that model in late 1814 and the Principles in 1817 there are instances of erroneous or partial formulation (as in the Essay on Profits ) there is less of a difference between Peach and myself than Peach suggests. As for the Principles, perhaps the main substantive issue is simply this: was Ricardo inherently inconsistent, as Peach believes; or did he adhere to the falling wage growth model and make use of the ‘discrete’ analysis when attempting to expound specific parts of the full model, as I believe? Readers can also come to their own conclusion regarding the specific feature of the ‘continuous’ model I maintain is so essential to an understanding of Ricardo's position – that it accounts simultaneously for both a falling wage and a falling profit rate in terms of diminishing agricultural returns.
