Nothing is hidden: a Wittgensteinian interpretation of Sraffa

Article Abstract:

Piero Sraffa is known to have had a great influence on the philosophy of Ludwig Wittgenstein, but little attention has been paid to Sraffa's writings on economics in the light of this influence on Wittgenstein. Article argues that Sraffra's views on economic theory can be interpreted by analogy to Wittgenstein's changed arguments on language. Article concludes that Sraffa's work was not merely a criticism of the neoclassical theory of value, but suggests that there is no underlying structure of the determination of value.

Criticism and interpretation, Economists, Wittgenstein, Ludwig, Sraffa, Piero

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Prices of land, money and credit in one-period and multi-period models,(work of Sraffa on money and interest)

Article Abstract:

The work of Sraffa on money and interest uses interdependent models which contain gaps and ambiguities that others have attempted to fill. These ambiguities relate to land and resources similar to land. There are insights into changes in the economy that can be gained by using Sraffa's work. Policy responses can also be developed from these insights, relating to distribution, the environment, production and trade and the different and competing claims they make.

Interest rates, Land use

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On measuring the deviation of prices from values

Article Abstract:

It is useful to develop a way of measuring how far prices deviate from values which does not involve a numeraire. Measures that vary according to which numeraire is chosen introduce arbitrariness that is unrelated to the key issue of the extent to which price vector directions diverge from value vector directions. This issue is important in capital theory. The measure can be illustrated using data from Australia, Ireland, and the United Kingdom.

Measurement, Capital, Value (Economics)

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