Sraffa and Modern Economics, Volume I

Interpretations of the classics

The theory of wages

Antonella Stirati*

1 Introduction

The well-known enduring controversy on the interpretation of Ricardo’s wage theory, and by implication on classical wage theory, has undoubtedly been fuelled by the existence of some inconsistencies in Ricardo’s writings. However, as far as the factors affecting normal wages are concerned, these inconsistencies may carry less weight than is usually believed.

The present paper aims to provide a critical overview of the controversy concerning the interpretation of the theory of wages in classical economists, offering a somewhat unusual perspective. I contend that there are major similarities between the two interpretations that have been regarded as the main contenders, ...