New PDF release: Piero Sraffa

By Alessandro Roncaglia

ISBN-10: 1403987467

ISBN-13: 9781403987464

This booklet discusses the advancements of Sraffian-Ricardian economics, in addition to Sraffa's critique of the Marshallian thought of the enterprise and the undefined, his variation of Ricardo's Works and correspondence, his booklet on creation of commodities by way of commodities, and his effect Antonio Gramsci and Ludwig Wittgenstein.

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Additional info for Piero Sraffa

Sample text

18 Thus, in his analysis of production prices and their relationship with income distribution, Sraffa abstracts from technological change, from movements in the levels of activity, from differences in the market forms prevailing in each specific sector of the economy, from different kinds of labour, and so on. Sraffa’s prices of production, that is, represent in the simplest possible way the conditions of reproduction of a capitalist society based on the division of labour. 16 Torrens (1821) is even more explicit on this point.

Traditional marginalist theories determine equilibrium values for the distributive variables (corresponding to a point on the wage–profit frontier) through comparison between demand and supply functions for the ‘factors of production’ capital and labour. As we shall see later (Chapter 6), Sraffa criticises these theories, thus denying the existence of an equilibrium point on the wage–profit frontier. 6. 70 Piero Sraffa affects distribution and the set of relative prices if, and only if, the change in the minimum wage rate influences the actual wage rate.

The second is the construction of the standard commodity, a composite commodity with special characteristics that make it particularly suitable for use as a measure of value. The differences between Sraffa’s theory, based on physical costs of production and a circular flow of production and consumption, and the subjective marginalist approach are thus eloquently highlighted; at the same time, the roots of Sraffa’s frame of reference in the theories of the British classical economists and Marx, which at first sight might seem obvious, will require careful investigation if the relationship is to be made sufficiently precise.

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Piero Sraffa by Alessandro Roncaglia

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