This paper reviews the evolution of the Ricardian theory of value in its connection with the element time. Initially, Ricardo's first version of the general law of exchange is briefly inspected. After that, a numerical illustration of the formula for competitive prices is detailed, while some light is shed on how the factor time arose in the discussions about the theory advanced in the Principles. Next, the simplified version of the norm of value introduced in the book's third edition is examined, as well as the central Ricardian proposition that changes in the profit rate would have minimum impact on prices. The last section shows that a generalization of the same example concocted by Ricardo, incorporating multiple production periods, does not lend support to such assertion.
Ricardian economics; labor theory of value; time; profit rate
