Ricardo's model of capital accumulation is studied on the basis of his distinction between natural and accidental causes that are associated with permanent and temporary effects. The consequence is that, from the two contemporary interpretations of this model: theses of Hollander and Peach, only the second one deals with natural causes and permanent effects while the first is interested in market variables and long term effects. Ricardo's interest in natural causes and permanent effects lead then to favour Peach interpretation. Nevertheless, Peach interpretation is problematic insofar as the kind of analysis he credits Ricardo is not in accordance with what he considers as Ricardo's aim. This contradiction lead to another interpretation of Ricardo's model of capital accumulation as a description of the accumulation process that aims to show how each stage is the consequence of the answers given by the economic agents to the market signals.
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