Conclusion
Torrens was one of the leading political economists in Britain in the post-Ricardian era, but after 1850 his books and pamphlets ceased to attract much attention. This only began to change when Seligman (1903) included him among the “neglected British economists” whom he sought to rescue from oblivion.
Viner (1937) and Robbins (1958) then did much to give Torrens his due for his contributions to the theory of international trade and to monetary theory and policy. However, Torrens’s contributions to the theory of value and distribution were not adequately appreciated by Robbins, who described him as “the most eminent of the minor English Classical Economists” (Robbins 1958: v). It was only with Sraffa’s reconstruction of Ricardo’s theory of value in his “Introduction” to Ricardo’s Works (Sraffa 1951) that Torrens’s role in the development of the classical approach to the theory of value and distribution came to be better understood.Christian Gehrke
See also:
British classical political economy (II); Karl Heinrich Marx (I); Money and banking (III); David Ricardo (I); Adam Smith (I).
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