Economic Theory

Critical Essays on Piero Sraffa's Legacy in Economics by Heinz D. Kurz

By Heinz D. Kurz

This assortment bargains a serious evaluation of the broadcast works of Piero Sraffa, one of many prime economists of the 20 th century, and their legacy for the economics occupation. the themes coated discover Sraffa's interpretation of the classical economists; his conception of price and distribution; his critique of partial and normal neoclassical equilibrium concept; his specialise in the matter of capital; and his critique of Hayek's financial overinvestment thought of the company cycle. particular matters investigated contain intertemporal normal equilibrium idea and the capital challenge; the chance of reswitching; Ricardo, Malthus, and the corn version; and the which means and implication of the capital controversy. one of the participants are a few of the world's major scholars of Sraffian economics.

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Now shift final demand towards a bit more of wool and a bit less of mutton. What happens to Pwooi/^mutton? Nothing. It remains at 1/1. Eatwell and Panico are apparently (in this case) right? No. Only along a facet of limited quantitative magnitude does Sraffa contrive a horizontal, so-called classical supply curve ss'. Let the final demand for wool move to more than three times the final demand for mutton and the system will endogenously cease to use the process that produces relatively much of mutton.

Alas, this too is blue smoke. No substantive deficiency of the labour theory of value is ameliorated by the standard commodity concept pioneered in Sraffa (1960). Eatwell and Panico (1987, p. 450) advance no bold claim for the standard commodity, admitting its use is redundant once market competition has established the simultaneous equations of equilibrium, conceding that the concept may be too complex, but concluding lamely that 'It has the virtue, however, of being analytically correct'. The 'it' that is correct is not an existent 'revealer' or 'clarifier'.

The Collected Writings of John Maynard Keynes, edited by D. Moggridge, Vols I-XXX, London: Macmillan. ) Kurz, H. D. (1986). 'Classical and Early Neoclassical Economists on Joint Production', Metroeconomica, 38, pp. 1-37. Kurz, H. D. (1990). Capital, Distribution and Effective Demand. Studies in the 'Classical' Approach to Economic Theory, Cambridge: Polity Press. Kurz, H. D. (1998). 'Against the Current: Sraffa's Unpublished Manuscripts and the History of Economic Thought', European Journal of the History of Economic Thought, 5, pp.

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