Ricardian Socialism is an economic philosophy inspired by David Ricardo, and suggests that socialism, rather than profits is the natural progression of the free market. The central pillar to Ricardian Socialism is that labor is the source of all value, and that laborers are entitled to production outputs.

Additionally, Ricardians believe that the equilibrium value of commodities was closest to producer prices when highly elastic, and that producer prices relate to the labor quality. Thus, profitability is dependent upon labor.

Notable Ricardian Socialist Thomas Hodgskin seized on that point when he wrote that “Wages vary inversely as profits, or wages rise when profits fall, and profits rise when wages fall; and it is therefore profits, or the capitalist’s share of the national produce, which is opposed to wages, or the share of the labourer.”

Other Notable Ricardian Socialists

Charles Hall
John Francis Bray
John Gray
William Thompson

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