Page:The Economic Journal Volume 1.djvu/792

 77O THE ECONOMIC JOURNAL editor provides a valuable analytical table of contents, an introductory essay, and a bibliography. Considerable pains have been taken in supplying and veri/ying references; for not only does Ricardo often omit to indicate the precise sources of his quotations, but when he does give them they are not always correct. Some of the footnotes are perhaps open to criticism as erring either on the side of excess or defect, that is to say, if worth giving.at all they might have been made more thorough; and in other cases comments seem called for where none are given. On the whole, however, the notes are judicious and to the point; and for reasons already indicated it is difficult to exaggerate the extent (o which the average reader of Ricardo will gain by having pointed out to him the particular assumptions upon which the reasoning from time to time proceeds, and by being reminded how given state- ments require to be qualified or supplemented by statements occurring elsewhere. The editor makes skilful use of Ricardo's recently published letters to Malthus, citing several passages which throw important light upon the reasoning contained in the Principles. ' You have always in your mind,' writes Ricardo, ' the immediate and temporary. effects of particular changes, whereas I put these immediate and temporary effects quite aside, and fix my whole attention on the permanent state of things which will result from them.' In the introductory essay Ricardo's literary and logical shortcomings are pointed out, and particular attention is called to the apparently haphazard arrangement of his different chapters. Mr. Gonner accord- ingly comes to the assistance of the student by suggesting a re-arrange- ment; and an analysis of the whole work follows taking the order thus indicated. The earlier part of the analysis, treating of Ricardo's theory of value, is perhaps inevitably difficult; but it is not rendered easier or clearer by the use of such phrases as ' exertion of capital ' and ' effort of capital,' which do not occur in Ricardo's own writings and are introduced by Mr. Gonner without explanation. The object is to reduce the elements of cost of production to a common unit; but when cost of production is said to include ' the exertion of capital as well as of labour,' and when labour is spoken of as 'including the effort of capital,'-so far from having advanced further in the elucidation of Ricardo's views as to the part played by capital in the determination of value, we have fresh ideas suggested which themselves require independent explanation and justification. Again, the phrase' free competition between capital and labour' introduces somewhat mis- leading associations for which Ricardo is not responsible; and it is not easy to understand clearly what is meant by 'an immediate transfer of energy from capital-form to labour-form.' In summarising Ricardo's theory of value, Mr. Gonner brings out clearly the one-sidedness which constitutes its fundamental defect, namely, he undue importance attached to the conditions of supply and the comparative neglect of the conditions of demand. At the same