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The publication of Mr. Sraffa's Works and Correspondence of David Ricardo throws new light on the origin of Ricardo's theory of profits.2 Mr. Sraffa notes that the elements of this theory were contained in Ricardo's letters to Malthus of 10 and 17 August 1813, and adds: " At this stage, and up to March 1814, Ricardo and Malthus were not explicitly concerned with the question of the importation of corn, which had not yet aroused the public interest."3 This observation does not exclude the possibility that the question of the effects of restrictions on the corn trade had been taken up by the two economists in the latter part of the year 1813; but even so, a reconsideration of the influence of the practical problems of the time appears to be called for. Although Ricardo's Essay on the Influence of a Low Price of Corn on the Profits of Stock was written in February 1815 " in anticipation of the debates in the House of Commons on the question of the Corn Laws "4, the original factors that led him to consider the causes of changes in the rate of profit-those which affected the direction of his thought in the year 1813-remain to be investigated and identified. In this task, assistance is afforded by the sixth volume of Mr. Sraffa's edition, which contains letters of the period 1810-1815 hitherto unpublished, including the long awaited letters from Malthus to Ricardo. From the present point of view it is particularly unfortunate that Malthus's letters from March 1812 to June 1814 are wanting: for this period we must attempt to infer his views and interests from Ricardo's replies.5 Mr. Sraffa has also shown that five of Ricardo's letters, those written between February and August 1813, were misdated in |
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