science

Neo-Ricardianism

Neo-Ricardianism is a science topic covered in the lgStudy science library. This page brings together a partial reference excerpt, illustrations, worked examples, real-world applications and a short study plan, so you can understand Neo-Ricardianism rather than just read about it. In short: The neo-Ricardian school is an economic school of thought that derives from the close reading and interpretation of David Ricardo by Piero Sraffa, and from Sraffa's critique of neoclassical economics as presented in his The Production of Commodities by Means of Commodities, and further developed by the neo-Ricardians in the course of the Cambridge capital controversy. It particularly disputes the neoclassical theory…

Key takeaways

Neo-Ricardianism belongs to science; place it in that map before memorising details.
Learn the definition first, then one example that makes the definition concrete.
Connect Neo-Ricardianism to a quantity you can measure, compute or draw — that is where exam questions come from.
Reproduce the core statement of Neo-Ricardianism from memory before moving on to harder problems.

Reference excerpt

The neo-Ricardian school is an economic school of thought that derives from the close reading and interpretation of David Ricardo by Piero Sraffa, and from Sraffa's critique of neoclassical economics as presented in his The Production of Commodities by Means of Commodities, and further developed by the neo-Ricardians in the course of the Cambridge capital controversy. It particularly disputes the neoclassical theory of income distribution. Robert Rowthorn, in his 1974 article, Neo-classicism, neo-Ricardianism and Marxism in the New Left Review (I, 86), coined the name. Franklin Delano Roosevelt III, with his dissertation, Towards a Marxist Critique of the Cambridge School, put forth a similar view. The name "Sraffian economics" is also used. Prominent neo-Ricardians are usually held to include Pierangelo Garegnani, Krishna Bharadwaj, Luigi Pasinetti, Joan Robinson, John Eatwell, Fernando Vianello, Murray Milgate, Ian Steedman, Heinz D. Kurz, Neri Salvadori, Bertram Schefold, Fabio Petri, Massimo Pivetti, Franklin Serrano, Fabio Ravagnani, Roberto Ciccone, Sergio Parrinello, Alessandro Roncaglia, Maurice Dobb, Gilbert Abraham-Frois, Theodore Mariolis and Giorgio Gilibert. The school partially overlaps with post-Keynesian and neo-Marxian economics.

See also Cambridge capital controversy Okishio's theorem Ricardian economics Capital accumulation

References

External links The Neo-Ricardians(archive), History of Economic Thought website, New School University

Worked examples

Example 1 — a first encounter with Neo-Ricardianism

Start with the simplest possible case. Write down what Neo-Ricardianism claims or describes in one sentence, then invent the smallest concrete situation in which that sentence is true. In science, the smallest case is usually a single object, a single equation or a single measurement. Check that every symbol or term in your sentence has a meaning in that case.

Example 2 — changing one variable

Take the situation from Example 1 and change exactly one quantity: double it, halve it, or set it to zero. Predict what should happen to Neo-Ricardianism before you calculate. Comparing your prediction with the result is the fastest way to find out whether you understand the idea or only the words.

Example 3 — an exam-style question

Typical questions about Neo-Ricardianism ask you to (a) state it precisely, (b) apply it to given data, and (c) explain a limitation. Practise writing all three answers in under five minutes; the third part is what separates a full-mark answer from an average one.

Applications of Neo-Ricardianism

In research: Neo-Ricardianism appears in science research whenever the underlying quantities have to be modelled precisely. Papers usually cite it as a starting assumption and then explore where it breaks down.
In technology and industry: Engineering practice reuses Neo-Ricardianism in design rules, simulations and safety margins. Knowing the idea lets you read a specification sheet and understand why the numbers look the way they do.
In the classroom: Neo-Ricardianism is common in secondary-school and first-year university syllabi. It links to neighbouring topics Classical economics, Economic theories stubs, Eponymous economic ideologies, so understanding it makes those chapters shorter.
In everyday life: Look for Neo-Ricardianism outside the textbook — in sport, cooking, traffic, electronics or the sky above you. An example you found yourself is remembered far longer than one you were given.

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How to study Neo-Ricardianism in 20 minutes

Read the reference excerpt below once, without taking notes.
Close the page and write down what Neo-Ricardianism means in your own words.
Compare your version with the excerpt and mark what you missed.
Work through the three examples above with pen and paper.
Explain Neo-Ricardianism out loud to somebody else — or to Teacher Smith in the lgStudy chat.

Frequently asked questions

What is Neo-Ricardianism in simple terms?

Why does Neo-Ricardianism matter?

Because it connects several science ideas at once: it gives you a definition you can apply, a quantity you can calculate, and a way to check whether a result is plausible.

How should I study Neo-Ricardianism?

Read the excerpt, restate it from memory, then work through the examples and applications listed on this page. The five-step study plan above takes about twenty minutes.

What does this page cover?

It gives you a compact reference excerpt plus original lgStudy explanations, examples, applications and study material on Neo-Ricardianism.