Lecture 4

1. Economic views of J.B. Say

The emergence of political economy as a science is associated with the name of A. Smith, who was the first to study the laws governing the production and distribution of material goods. But the name of A. Smith is also associated with the majority of economic schools, which consider him their founder, despite the fundamental differences between them. This is explained by the fact that Smith peacefully coexist different approaches to determining value, wages, profit and a number of other issues, and each direction takes those ideas of Smith that correspond to their worldview.

J.B. Say also considered himself a follower of A. Smith, who went down in the history of economic thought as the author of the theory of three factors of production and the law, which, with the light hand of J. Keynes, was called “Say’s law.”

J. B. Say (1767-1832) is a representative of French economic thought and a supporter of the economic ideas of A. Smith. Like Smith, he was a consistent defender of the principles of economic liberalism, demanding a “cheap state” and reducing the economic functions of the latter to a minimum. Say published his views in his work “A Treatise of Political Economy, or a Simple Statement of the Mode in which Wealth is Formed, Distributed, and Consumed,” which was published in 1803.

Sharing Smith's ideological position, Say completely departed from those elements of the labor theory of value that are so clearly heard in A. Smith. In Say's interpretation, value was not determined by labor costs, but was made dependent on a number of factors: the usefulness of the product, the costs of its production, supply and demand. Cost (in Say's theory - the value, author's note) is always directly dependent on the quantity demanded, and inversely on the quantity offered, and the price, thus, is the result of the mutual influence of supply and demand. Under the influence of competition among sellers, prices are lowered to the level of production costs, and production costs are made up of payments for productive services, that is, wages, profits and rent. Say placed particular emphasis on the utility of a product, since, in his opinion, it is this that is created during the production process, and it is this that “gives” value to objects. Meanwhile, A. Smith already showed that exchange value cannot be directly related to utility, since the most useful items often have the lowest cost, and such vital items as air and water do not have it at all. It is no coincidence that Say disagrees with the opinion of the “father of political economy” on the issue of productive and unproductive labor. He defines production as human activity aimed at creating utility, where utility can be embodied in material and intangible forms. Therefore, even the services of the state are, according to Say, also the production of utility, and the labor used to create them should rightly be called productive. As we see, by emphasizing the utility of a commodity as a substance of value, Say largely erases the boundaries between productive and unproductive labor.

After defining value by utility, Say gives an analysis of the problem of income generation. The starting point of his reasoning was the recognition that three factors of production are involved in production: labor, capital, land. Each of these factors provides a specific service in creating value. According to the three independent sources of value, Say distinguishes three main incomes: wages (payment for the service of labor), interest (payment for the service of capital), rent (payment for the service of land). Say was the first to clearly express the idea of ​​the equal participation of factors of production (labor, capital and land) in creating the value of a product. And here, on the side of Say, there was evidence itself, since for any production, a combination of natural resources, means of production and labor power is necessary. Indeed, the national income or gross national product can be regarded as the mass of use-values, utilities produced per year (in Say's terms). The change in income and product, expressed in constant prices, reflects the increase in the physical volume of production, i.e., the increase in wealth and well-being. And with such an interpretation, the question of the share of the national income (or product) attributable to each of the factors involved in production, and the share of the increase in these quantities, given by the increase in each of these factors, is quite justified. There is no doubt that the study of these functional dependencies is of great importance for increasing the efficiency of the national economy. However, Say could not explain the mechanism for determining the proportion of the created product that falls on each factor of production. The first such attempt was made at the end of the nineteenth century by the American economist J. Clark.

Interesting in Say's work is the interpretation of profit. Already in Say's time it was known that profit is divided into loan interest, which is appropriated by the capitalist as the owner of capital, and entrepreneurial income, which is appropriated by the capitalist as the head of the enterprise. For Say, entrepreneurial income is not just a kind of wages that a hired manager could receive, but a reward for a particularly important social function - the rational combination of all factors of production.

Already at the beginning of the nineteenth century, in connection with the industrial revolution, the question of the negative impact on the position of workers of the introduction of new equipment was being discussed, since it became obvious that the replacement of labor by machines increased unemployment.

Say also laid the foundations of the "compensation theory" in his work, arguing that machines only at first displace workers, and subsequently cause an increase in employment and even bring them the greatest benefit, cheapening the production of consumer goods.

But the most widely known idea is Say's, which entered the history of economic thought as "Say's law". The essence of this law is that general crises of overproduction in a market economy are impossible. And the argument is as follows: the value of the goods created is the total income, which, in turn, is used to buy goods of the corresponding value. In other words, aggregate demand will always be equal to aggregate supply, and the disproportions between supply and demand can only be partial (concerning one or more goods) and temporary, and are due to the fact that social labor is incorrectly distributed by type of production: something is produced in excess, something is in short supply. Any overproduction is limited, since at the other extreme there must always be a shortage.

The content of "Say's law" is the assumption that the prices of goods in a market economy have absolute flexibility and instantaneous response to changes in economic conditions. They themselves are able to correct the imbalances that may arise in the production of goods. By the way, even in the twentieth century, representatives of the neoclassical trend actually take positions that, by and large, go back to Say, believing that through the flexibility of prices, wages, and other elements, the economy can automatically avoid serious crises.

A special feature of “Say’s law” is that it is understood that goods are produced directly to satisfy people’s needs and are exchanged with a completely passive role of money in this exchange. This view goes back to A. Smith and is characteristic of all representatives of the classical and neoclassical movements, where money is considered as a “veil” thrown over the system of real market relations. No one holds money as such and no one strives to possess it. If we accept the assumption of the passive role of money in exchange, “Say’s law” will be absolutely true - it is impossible to imagine a general crisis of overproduction in a barter-type economy, where there cannot be such a thing as an excess of supply over demand for all goods. But in a monetary economy, a general excess supply of goods is theoretically possible and this will mean an excess supply of goods in relation to monetary demand. This situation arises when money is not only a means of circulation, but also a means of storing value, which occurs in a real monetary economy. Then, due to various motives (including precautionary motives and speculative motives), people prefer to save part of their income, and part of the created product (the value of which, according to Smith’s dogma, consists of the sum of income: wages, profit and rent) does not find its buyers.

Very soon, a discussion unfolded around "Say's law", which has not been fully completed to date, being the subject of discussion between representatives of the neoclassical and Keynesian trends.

2. Economic views of T. Malthus

In considering the economic views of Ricardo, we mentioned the influence that the views of Malthus had on him. In fairness, it should be noted that the views of the latter to some extent determined the prevailing theory of wages during the nineteenth century as the theory of a subsistence minimum. Therefore, let us briefly dwell on the economic views of T. Malthus.

Not being an economist by training, T. Malthus (1766-1834) entered the history of economic thought as a man of one idea, one law, namely as the author of the “law of population.” In 1798, a small edition of a book entitled “An Essay on the Law of Population in Connection with the Future Improvement of Society” was published in London, where the author argued that the population was growing in geometric progression, and the means of subsistence (which meant agricultural products) only in arithmetic progression. Essentially, in this work, Malthus formulated his theory of population, which can be reduced to the following provisions:

▪ a person’s biological ability to reproduce exceeds his ability to increase food resources;

▪ this ability to reproduce itself is limited by available food resources.

Malthus argued that the population tends to increase faster than the means of subsistence. And he cited the following figures as evidence: every 25 years the population can double, and if this trend continues, then “in two centuries, the population would relate to the means of subsistence as 256 to 9, in three centuries as 4096 to 13, and after two thousand years, this ratio would be infinite and incalculable. And although it soon became clear that Malthus's proof of this theory was not entirely correct, since the figures were taken characterizing the population growth rate in North America, where the population grew more due to immigration than due to natural factors, the book was a huge success and for went through five reprints for a short time. But what does this statement have to do with economic theory? Most directly, since the theory of Malthus, which established the rigid dependence of population growth on the food resources of society, helped to substantiate the theory of wages determined by the subsistence level. The main and constant cause of poverty, according to Malthus, depends little or nothing on the form of government or on the uneven distribution of property: it is due to "natural laws and human passions", the avarice of nature and the excessively rapid reproduction of the human race. Having reduced the cause of poverty to a simple ratio of the rate of population growth to the rate of growth of life's goods, Malthus's theory also served as a justification for the corresponding economic policy. Malthus argued that wages will always be determined by the subsistence minimum (the minimum amount of funds to maintain a physical existence). In his opinion, if wages, due to the growth in demand for labor, exceed the subsistence level, "immoderate propensity to reproduce" will lead to population growth, labor supply will increase and wages will return to their original level. In other words, the miserable standard of living of workers is determined not by social conditions, but by natural, biological laws. Perhaps it is this idea that explains the incredible popularity of Malthus's work. Naturally, within the framework of his conception, Malthus could not offer the workers anything other than moral, ethical curbing to improve their situation. Believing that any conscious attempt to improve living conditions would be “swept away by the irresistible mass of mankind,” Malthus opposed the “Poor Laws” and raising wages, and here his argument completely coincides with that of D. Ricardo. The Poor Laws, according to these economists, made abstention superfluous and encouraged the imprudent by offering them a share of the income of the prudent and industrious, since relief was provided by taxes on the latter. In addition, population growth driven by aid to the poor would increase the price of agricultural products, lowering the level of real wages for workers.

Malthus was convinced that an increase in the means of subsistence would immediately provoke a reaction in the form of an increase in the birth rate and population. In reality, not only is this trend not absolute, but at a certain stage in the development of society, it clearly gives way to the opposite. The question of automatic birth control other than "fear of hunger" was discussed as early as the beginning of the nineteenth century. The English economist Senior emphasized that the desire to maintain one's standard of living, the hope of moving to a higher social status - these are just as strong motives for behavior as the desire to procreate.

The focus of the Malthusian theory of population was the problem of limited land resources. One of the main premises of this theory was the statement about the impossibility of increasing the means of subsistence (which meant food) at the same pace that is characteristic of population growth. Why? Yes, because, firstly, the resources of the Earth are limited, and secondly, additional investments of labor and capital in the land will ensure a smaller and smaller increase in production, since with the growth of the population, lands of poorer quality are involved in cultivation, giving less and less return. This theory was called the theory of "decreasing soil fertility", which was the prototype of the theory of "decreasing marginal productivity". The followers of Malthus, in proving this theory, went to the point of absurdity, arguing that if there were no diminishing fertility, the entire world's wheat crop could be harvested in a flower pot.

What cannot be reproached with Malthus is inconsistency, and his view of the prospects for economic growth is fully derived from the "law of population". Proceeding from the fact that wages are determined by the subsistence level, Malthus substantiated the thesis of secular stagnation, of the permanence of crises of overproduction. In his opinion, aggregate demand will always be insufficient to purchase the entire mass of commodities at prices that cover costs. Since workers receive less than the value of their output, "the purchasing power of the working classes alone cannot provide incentives for the full utilization of capital." And this difference cannot be covered by the demand presented by the capitalists, since they, by virtue of the ethics prevailing in their circles, doomed themselves to frugality in order to save part of their income by depriving themselves of their usual comforts and pleasures. This view was later called the "doctrine of underconsumption". Consequently, (according to Malthus), to ensure reproduction, a certain amount of expenditure from profit and rent on luxury goods and services of an unproductive nature is necessary, which can somehow alleviate the problem of overproduction. This additional unproductive consumption can only be provided by classes that do not belong to the capitalists and workers, primarily the landowners. It should not be surprising that Malthus's policy advice was to reduce the rate of accumulation and encourage unproductive consumption by the landlords. And his defense of high import duties on grain (in the "Corn Laws" controversy), which would ensure high land rents, is quite in harmony with the main conclusions of his theory. To reduce the accumulation of capital, Malthus proposed to increase taxation. Discussing the problems of organizing public works as a temporary measure to reduce unemployment, Malthus writes that "the trend towards a decrease in the volume of productive capital cannot be an objection to public works that require the attraction of significant sums through taxes, since to a certain extent this is exactly what is needed" .

Despite all the incorrectness of the premises of Malthus’s theory of overproduction (unlimited population growth and the law of diminishing soil fertility), his merit lies in the fact that he acutely raised the question of the problems of selling the created product, a question that remained beyond the attention of both A. Smith and D. Ricardo.

3. Economic views of S. Sismondi

The works of the Swiss economist and historian S. Sismondi (1773-1842) played a significant role in the history of economic thought, if only because he was the first to scientifically criticize the economic system of capitalism and opposed some of the ideas expressed by representatives of classical political economy. Unlike the latter, in political economy he saw not the science of wealth and ways to increase it, but the science of improving the social mechanism in the interests of human happiness. Sismondi considered political economy a moral science that deals with human nature, and not with economic relations; it will lead to the goal only when the feelings, needs and passions of people are taken into account. Of course, this interpretation of the subject of political economy was influenced by Smith’s work “The Theory of Moral Sentiments.” Increasing the production of goods, according to Sismondi, is not an end in itself, and is not itself an indicator of wealth if in the process of its distribution the majority receives pitiful crumbs. And here we can also see the influence of A. Smith, who writes that “no society can doubtless prosper and be happy if the greatest part of its members are poor and unhappy.” Thus, in Sismondi we see the development of the moral aspects of economics, which was started by A. Smith.

But it is not only in this that the unity of the views of Sismondi and Smith is manifested. Sismondi is a supporter of the labor theory of value, according to which the value of a product is determined by the labor costs for its production. It is quite natural that he considers profit to be the income of the capitalist, which is a deduction from the product of the worker's labor. Sismondi speaks directly about the robbery of the worker under capitalism, emphasizing the exploitative nature of profit and believing that wages should be equal to the entire value of the product of the worker's labor. But why does the worker receive only a small fraction of the value of the product he has created? Sismondi did not look for wage regulators in the "natural" laws of nature, as Ricardo and Malthus did, but he nevertheless accepted the position prevailing in economic literature that the wages of workers tend to a living wage. Sismondi sees the reason for this situation in specific capitalist relations, in the striving of the capitalists to "squeeze" as much profit as possible out of their workers. The possibility of reducing wages to a minimum in Sismondi is associated with the process of displacement of labor by machines, that is, with the growth of unemployment, which forces workers to hire for lower wages. This shows that while denying the Malthusian law of population, Sismondi did not deny the existence of a connection between population growth and wages. It is no coincidence that Sismondi proposed limiting population growth to the limits of family income.

But still, the problem of markets and the sale of the created product comes to the fore in Sismondi's economic views. In contrast to classical political economy, which accepted the thesis of the automatic adjustment of aggregate demand to aggregate supply and the impossibility of a general crisis of overproduction, Sismondi put forward the thesis of the constancy of crises of overproduction in a capitalist economy. Reducing the value of the social product to income, Sismondi states that in order to sell the entire product produced, it is necessary that production fully correspond to the income of society. And then he concludes that if production exceeds the amount of society's income, then the product will not be sold. Let us note that Sismondi's cost of the created product does not include the cost of the spent means of production. What follows is a familiar line of reasoning. The wages of the workers tend towards the subsistence level, due to the pressure of unemployment caused by the introduction of technology. This process leads to a reduction in aggregate demand, since, in the words of Sismondi, "machines do not know any needs and therefore do not show any demand." The demand of the capitalists does not expand the home market either; they accumulate a part of the income destined for consumption. In other words, the ability of the economy to produce more and more goods is running up against insufficient demand from the main productive classes. In this regard, already in 1819, Sismondi, in his work “New Principles of Political Economy,” expressed the idea, absurd for representatives of classical political economy, that “peoples... They can go bankrupt not only because they spend too much, but also because they spend too little.” After all, according to the views of both Smith and Ricardo, it is thrift and accumulation that are the key to the wealth of the nation. As we have already noted, the paradox lies in the fact that Sismondi’s idea of ​​the permanent crises of overproduction under capitalism follows from the premise of classical political economy - the position of A. Smith that the annual product of a nation is the sum of profits, wages and rents spent on consumer goods. Following Smith, Sismondi ignores the fact that the annual product also includes the means of production, and with the growth of capital accumulation, the needs of the economy in the means of production create a special market, to a certain extent independent of the market for consumer goods. Moreover, during periods of economic recovery, the growth rate of productive consumption exceeds the growth rate of personal consumption.

And in conclusion of the consideration of this issue, it should be said that the view of the cause of crises as a result of “underconsumption” exists to this day, although the causes of underconsumption are considered from slightly different positions. Regarding other aspects of Sismondi's economic views, it should be noted that he rejected A. Smith's fundamental thesis about the beneficence of self-interest and competition. For Sismondi, competition has disastrous economic and social consequences: impoverishment of the bulk of the population, economic crises. Sismondi believed that it was wage labor and competition that undermined the basis of equality in economic systems and led to the destruction of the balance of production and consumption, since under conditions of competition production increases without specific consumers. The situation is aggravated by unequal distribution. According to Sismondi, there must be a limit to the expansion of production, which must be commensurate with social reasons.

The negative consequence of free competition, according to Sismondi, is that it changes the type of population, leading to overpopulation. If earlier population growth "was commensurate with income growth and was regulated to a certain extent (for example, an artisan did not marry until the end of his apprenticeship), now (in the era of the industrial revolution - author's note) the position of the worker changes depending on the demand for labor, but the worker's family cannot change - this is how a surplus population arises. It is not surprising that Sismondi advocates a legislative restriction of free competition, which leads, in his opinion, to the opposition of the interests of society and individual commodity producers. goods were sold and not a single commodity producer suffered, and individual producers, from his point of view, should be eliminated by the state.Sismondi's state intervention is associated primarily with the regulation of economic growth rates (all the troubles from the too rapid development of capitalism), control over the distribution of "surplus value and limiting competition. Sismondi considered measures to limit competition to be the encouragement of small capital, the participation of workers in profits, and the legislative restriction of new technology. He also entrusted the state with the implementation of a program of social reforms, in particular the introduction of social security for workers at the expense of entrepreneurs, restrictions on the working day, and the establishment of a minimum wage. This allows us to consider Sismondi as one of the first reformers, whose ideas were largely realized only in the twentieth century.

4. Economic views of J. Mill

If the name of A. Smith is associated with the formation of political economy as a science, then the name of J. Mill is associated with the publication of the treatise “Fundamentals of Political Economy and Some Aspects of Their Application to Social Philosophy” (1848), which was a kind of guide for those who were interested in the problems of political savings. Mill himself writes in the preface to his work that his task is to write an updated version of The Wealth of Nations, taking into account the increased level of economic knowledge and the most advanced ideas of our time.

J.S. Mill (1806-1873), English philosopher and economist, son of another English economist - James Mill, who was a close friend of D. Ricardo and the influence of the latter is very noticeable in the work of J.S. Mill.

In accordance with the traditions of classical political economy, the main sections of "Fundamentals of Political Economy" are devoted to production, distribution, exchange, the progress of capitalism and the role of the state in the economy. Following Ricardo, who believed that the main task of political economy is to determine the laws that govern the distribution of product between classes, Mill also gives the analysis of these laws a central place. However, and this is where his fundamental difference from A. Smith and D. Ricardo lies, Mill shares the laws of production and distribution, believing that the latter are governed by the laws and customs of a given society and are the result of human decisions. It was this premise of J. Mill that was the basis of his idea about the possibility of reforming distribution relations on the basis of private capitalist property. In this regard, he paid much attention to the problems of developing the state social security system and taxation problems. It was Mill who formulated the theory of equality of sacrifice, in which he substantiated the principle of progressive taxation. Mill considered the most suitable objects of progressive taxation to be inheritance, which is property that was not acquired by labor, and the “unearned increase” of rents, which are a consequence of the rise in the price of land.

In his reasoning, Mill consciously or unconsciously assumes that distribution does not interact in any way with price processes, being a product of historical accident. Indeed, the problems of pricing are considered by Mill after analyzing the problems of distribution, where by the cost (value) of a product he understands its purchasing power in relation to other goods. In fact, Mill comes to the view that the exchange value (and price) of a commodity is established at the point where supply and demand are equalized. Mill tries to reconcile this position with the ideas of Classical political economy, where “natural prices” are determined by production costs by citing the fact that this statement is true for a situation with a perfectly elastic supply. Mill's ideas about the functional connections between market price, demand and supply later resulted in the study of the category of "price elasticity" by A. Marshall.

If Mill breaks with classical political economy in his interpretation of the nature of value, then in matters relating to the concept of productive labor, the factors of capital accumulation, the theory of wages, the theory of money, the theory of rent, he remains entirely within the framework of the ideas of this economic school, although many of them are interpreted Mill were further developed. This applies not least to the concept of productive labor. Mill agrees with the classics that productive labor is labor that creates wealth. Wealth primarily includes tools, machines and the qualifications of the labor force, what we call today material and human capital. Consequently, according to Mill, the labor spent on improving the quality of the labor force is productive, leading to an increase in the wealth of the nation. Such an extended interpretation of productive labor was developed in the views of representatives of the neoclassical direction, in particular, A. Marshall. Shares Mill and view on the role of money in the economy, emphasizing that the growth of the money supply in circulation can not have any other consequence than inflation.

But the identity of Mill's and Ricardo's views is most clearly seen in the latter's defense of the theory of rent and in Mill's views on the prospects for economic growth. Following Ricardo and Say, Mill believed that a crisis-free development of production is possible under capitalism. However, following the logic of Ricardo, in which the growth of population will inevitably lead to an increase in prices for agricultural products, an increase in rent and a decrease in profits, Mill also believed that the fall in the rate of profit would ultimately lead to economic stagnation. The onset of this state can be delayed by factors that counteract the decrease in the rate of profit, to which he attributed technical progress (especially in agriculture) and the export of capital to other countries. Like Ricardo, Mill saw the possibility of economic progress in terms of the confrontation between technological progress and the diminishing returns of agriculture.

In analyzing wages, Mill proceeds from the fact that the size of the latter depends mainly on the demand for labor and its supply, or, what is the same, on the ratio between population and capital. Taking the aggregate demand for labor as completely inelastic, Mill naturally adopts the position of the "working fund theory", first expressed by the English economist McCulloch (1789-1864). The theory proceeds from the premise that society always has a very rigid and virtually stable fund of subsistence, which capitalists save (save) in order to support their workers. The premise of the "working fund theory" is to view the economy as one big firm that must pay workers for the services they provide as they are performed before they are turned into consumer goods. In other words, such a "firm" must have ready-made consumer goods in stock, bought by workers for wages. Taking the view that the main article of consumption of workers is bread, which is the result of a year's harvest, supporters of the working fund theory believed that it should be stored as a fund until the next harvest. And wages, according to the "working fund theory", are determined simply by dividing this fund by the number of workers. Naturally, under this assumption, an increase in the supply of labor (as a result of population growth) cannot lead to any other result than a decrease in wages. This is reminiscent of the Malthusian "iron law of wages", and it is no coincidence that in Mill both Malthusian population theory and the working fund theory become decisive arguments in favor of limiting the size of the family. It is interesting to note that the theory of the "working fund", which could not withstand any criticism as a theory of the formation of wages, played a very important role in the theories of capital, where it made it possible to define capital as advances to workers to maintain their existence (in the original interpretation - from sowing to harvest). ). Later, in the theories of capital, in particular in Böhm-Bawerk, it is considered from the point of view of the time interval between production and consumption.

In accordance with his task (to write a work taking into account the increased level of economic knowledge), Mill could not ignore the theory of interest of the English economist N. Senior (1790-1864), expressed by him in the work “Fundamentals of Political Economy” (1836). The senior views interest as a reward for the capitalist's "sacrifice." The sacrifice lies in the fact that the capitalist refrains from consuming current income from property, turning it into means of production. Developing this position, Mill argues that labor does not have the right to the full product, since the “supply price of abstinence” in society is a positive value. Profit (as compensation for "abstinence") is measured, according to Mill, by the current rate of interest on the most advantageous security, and the latter is determined by the comparative value that is attributed to the present and the future in a given society. Here Mill clearly sounds the motive of time preference, which was later developed by representatives of the Austrian school.

Author: Agapova I. I.

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