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History of Economic Analysis part 70. At the time of his death in 1950, Joseph Schumpeter-one of the major figures in economics during the first half of the 20th century-was working on his monumental History of Economic Analysis. A complete history of humankind's theoretical efforts to understand economic phenomena from ancient Greece to the present, this book is an important contribution to the history of ideas as well as to economics. | History of economic analysis 652 tutee Marx though as may be the case sometimes neither would have been completely pleased with the other s performance. decreased and population will have become redundant which is what Ricardo set out to prove. Ricardo concluded from this that the opinion prevailing in the labouring class that the employment of machinery is frequently detrimental to their interests is not founded on prejudice and error but is conformable to the correct principles of political economy. It was this sharp-edged pronouncement that monopolized professional attention reinforced as it was by another passage in the same chapter which affirmed that in cases like the one discussed there will necessarily be a diminution in the demand for labour population will become redundant and the situation of the labouring classes will be that of distress and poverty. Friends and foes seem to have seen nothing else and ever since Ricardo has stood in doctrinal history as the chief exponent of the view that those statements in fact do seem to express. But if we take account of the rest of the chapter and bear in mind that it professedly deals with what Ricardo used to call permanent effects it is clear first that they do not follow from the numerical example alluded to and second that Ricardo was aware of this and did not mean at all what these statements say. As regards the first point Ricardo s example covers only part of the course of events that the introduction of the machine sets into motion his analysis of the case is indeed an example of the method of Comparative Statics but the second of the two states compared is not a definitive state of equilibrium for we are not told what happens to the workmen who have lost their jobs yet they cannot remain unemployed unless we are prepared to violate the assumption that perfect competition and unlimited flexibility of wages prevail. As regards the second point Ricardo though in a particularly narrow and inconclusive way .
