Notes on Ricardo’s Principles (46) 自然価格と市場価格 3

中湖 康太


リカードは、自然価格において全ての資本収益率が均等化されることを述べる。但し、注目すべきは、その収益率は、名目金銭的な収益率ではなく、「安全性(security)、透明性(cleanliness)、容易性(ease)、その他の実質のあるいは推定された有利さ(any other real or fancied advantage)を考慮した上での均等化としていることである。つまり、リカードが資本収益率均等化の法則を説くとき、それは、リスク調整後の資本収益率を意味しているのである。これは現代のファイナンス理論に通じるものであり、今さらながらリカードの時代を超越した明晰さに驚くばかりである。










A capitalist, in seeking profitable employment for his funds, will naturally take into consideration all the advantages which one occupation possesses over another. He may therefore be willing to forego a part of his money profit, in consideration of the security, cleanliness, ease, or any other real or fancied advantage which one employment may possess over another.

If from a consideration of these circumstances, the profits of stock should be so adjusted, that in one trade they were 20, in another 25, and in another 30 per cent., they would probably continue permanently with that relative difference, and with that difference only; for if any cause should elevate the profits of one of these trades 10 per cent, either these profits would be temporary, and would soon again fall back to their usual station, or the profits of the others would be elevated in the same proportion.

The present time appears to be one of the exceptions to the justness of this remark. The termination of the war has so deranged the division which before existed of employments in Europe, that every capitalist has not yet found his place in the new division which has now become necessary.

Let us suppose that all commodities are at their natural price, and consequently that the profits of capital in all employments are exactly at the same rate, or differ only so much as, in the estimation of the parties, is equivalent to any real or fancied advantage which they possess or forego. Suppose now that a change of fashion should increase the demand for silks, and lessen that for woolens; their natural price, the quantity of labour necessary to their production, would continue unaltered, but the market price of silks would rise, and that of woolens would fall; and consequently the profits of the silk manufacturer would be above, whilst those of the woolen manufacturer would be below, the general and adjusted rate of profit. Not only the profits, but the wages of the workmen, would be affected in these employments. This increased demand for silks would however soon be supplied, by the transference of capital and labour from the woolen to the silk manufacturer; when the market prices of silks and woolens would again approach their natural prices, and then the usual profits would be obtained by the respective manufacturers of those commodities.




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