ABSTRACT
This paper discusses the importance of the differences between classical and marginalist economic theories, with a special interest on David Ricardo’s thought. In order to analyse the theoretical incompatibility among classicals and marginalists, the critical hypotheses to prove the referred incompatibility are settled and checked. It is seen that the most important element in distinguishing classicals and marginalists is the difference in the approach to the labor market. In fact, the classical determination of the wage rate is sharply distinct from the General Equilibrium Theory, based on the supply and demand principle.
KEYWORDS:
History of economic thought; value theory