Ricardo's fundamental position is, 'as every one to-day knows,' simply 'false.'[1]
But to certain recent English writers such sweeping condemnation as this is distasteful. They think that it is possible to combine a profound reverence for Ricardo with the acceptance of all that is valuable in the work of later teachers. Not that they always take up the same line of defence. Sometimes it is maintained that many of the dogmas of Ricardo and his chief followers 'were originally put forward not at all as independent truths, but as the outcome of particular illustrations of a scientific method of inquiry.' It is conceded that this 'was not quite clear' to Ricardo and his followers themselves, and that 'they did not make their drift obvious;' so that it would seem to be dealing hard measure to those unfortunate persons who 'misapplied' such dogmas to dismiss them as 'sciolists.'[2] But more frequently it is held that these dogmas, or'many' of the more 'characteristic of them,' are truths when properly understood. What they need is merely to be 'supplemented,' and 'stated with proper qualifications and reserves.'[3] 'Ricardo did not, in interpreting his results, take the precautions necessary to provide against misconceptions on the part of many of his readers.'[4] 'He made short cuts'; 'he did not state explicitly what he was doing'; 'his reticence was an error of judgment'; 'if we desire to understand him, we must interpret him generously.'[5] Interpreted generously, qualified and suppleme/ted, his teaching is still of permanent value.
This attitude is a very natural one. English economists can hardly fail to be proud of Ricardo; and whether their pride takes the form of treating him as an Angel of Light or as the Prince of Darkness, they will probably all assign to him much greater influence than foreign economists would allow. Besides, if, as we are told, it is a pleasure to the young and vehement to be heterodox and to scoff at great names, it is a comfort to the staid and academic 'stare super antiquas vias,' to feel that they are building on the foundations that were laid by the fathers of their church.
Yet such a frame of mind is not without its dangers. The 'Responsa Prudentum' doubtless kept up the popular respect for
