Eric Roll, Baron Roll of Ipsden - Theory Quotes

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The chronological inconsistencies are perhaps most clearly exemplified by the writings of Nicole Oresme. In his Traictie de la Premierere Invention des Monnies, written about 1360, he develops a theory of money which reveals a very different approach to economic problems from that of his fellow Churchmen.

Eric Roll, Baron Roll of Ipsden

The physiocrats started a train of thought which was a powerful stimulus to the development of a labour theory of value and surplus value. They did not, however develop such a theory of value themselves. What attention they gave to the problem of exchange-value and price produced results of an altogether different character. Thus while one of their contributions finds its continuation in Smith, Ricardo, and Marx, the other leads to the post-classical supply and demand and utility theories of value.

Eric Roll, Baron Roll of Ipsden

One thing which is striking in Malthus's theory is his insistence on contradictions and conflicts in the capitalist system. The system is shown not to be self-adjusting. Unless a large class of unproductive consumers was maintained, periodic over-production and stagnation would inevitably occur. For the first time, in English economic theory at any rate, the possibility of crises arising from causes inherent in the capitalist system was admitted.

Eric Roll, Baron Roll of Ipsden