On Sraffa's price system
Article Abstract:
It is possible to make an unconventional reading of P. Sraffa's price system using the analytical tools contained in J. Hicks' 'Capital and Growth.' This approach makes it possible to understand certain elements of Sraffa's analysis which have attracted controversy or created confusion. Both Hicks and Sraffa indicate that there are values, relevant to the determination of the operation of the capitalist system, which are not market prices. Sraffa identifies these as 'book-values,' which, along, with market prices, are vital to the analysis of the dynamics of the economic system.
Publication Name: Cambridge Journal of Economics
Subject: Economics
ISSN: 0309-166X
Year: 1999
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Ricardo, Torrens, and Sraffa: a summing up
Article Abstract:
The second edition of 'Essay on the External Corn Trade' by R. Torrens confirms P. Sraffa's interpretation of David Ricardo's early theory of profit which is known as 'corn model.' Torrens determines the rate of agricultural profit as a ratio between the surplus corn produced and corn used as seed and food in its production. Sraffa's interpretation of Ricardian theory of profit is virtually identical to Torrens's finding. Thus, Samuel Hollander's disapproval of the evidence indicate his flawed analysis of the relevant texts.
Publication Name: Cambridge Journal of Economics
Subject: Economics
ISSN: 0309-166X
Year: 1996
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Sraffa's critique of Marshall: a reassessment
Article Abstract:
P. Sraffa's critique of the Marshallian theory of supply originated from his concern with the development of an all-encompassing theory that could explain the economic laws governing capitalism. That fact generally remains unnoticed by the experts in their interpretations of Sraffa's works. Sraffa was trying to develop a theory of value that could account for increasing returns.
Publication Name: Cambridge Journal of Economics
Subject: Economics
ISSN: 0309-166X
Year: 1996
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