Note 383 — Chapter I · : SISMONDI AND THE ORIGINS OF THE CRITICAL SCHOOL
R. (Robert) Richards translation
McCulloch criticised Sismondi in an article in the Edinburgh Review of October 1819. For J. B. Say see pp. 115-117.
With regard to Ricardo, Sismondi relates that in the very year of his death he had two or three conversations with him on this subject at Geneva. In the end he seems to have accepted Ricardo’s point of view, but not without several reservations. “We arrive then at Ricardo’s conclusion and find that when circulation is complete (and having nowhere been arrested) production does give rise to consumption”; but he adds: “This involves making an abstraction of time and place, and of all those obstacles which might arrest this circulation.”
Sismondi defended his point of view against his three critics in two articles reprinted at the end of the second edition of the Nouveaux Principes.