Born 1791 in Sheffield; died Jan. 18, 1870. British economist, representative of vulgar political economy. In 1831 he founded and became the chairman of the Sheffield Banking Company. He was the author of numerous works on a wide range of economic, philosophical, and political problems. In arguing against the teaching of D. Ricardo, he denied the latter’s labor theory of value. At the same time Bailey revealed, as Marx pointed out, some contradictions in Ricardo’s economic views and was the first to offer a correct definition of the measure of value as a function of money. Marx criticized Bailey for a superficial approach to economic phenomena and for vulgarization of the ideas of classical bourgeois political economy.
WORKSA Critical Dissertation on the Nature, Measures and Causes of Value; Chiefly in Reference to the Writings of Mr. Ricardo and His Followers. London, 1825.
Questions in Political Economy, Politics, Morals, Metaphysics, Political Literature and Other Branches of Knowledge. London, 1823.
A Letter to a Political Economist; Occasioned by an Article in the “Westminster Review” on the Subject of Value. London, 1826.
REFERENCEMarx, K. “Teorii pribavochnoi stoimosti” (in vol. 4 of Kapital). K. Marx and F. Engels, Soch., 2nd ed., vol. 26, part 3, ch. 20.
V. G. SARYCHEV