 Sraffa’s Theory of PriceHoward Nicholas Chapter 8 in Marx’s Theory of Price and its Modern Rivals, 2011, pp 142-177 from Palgrave Macmillan Abstract: Abstract The third and last of the modern theories of price to be considered in the present work is that of the great Italian economist, Piero Sraffa. Sraffa’s major (published) contributions to price theory are to be found in three works. The first of these is his 1926 Economic Journal article on Marshallian price theory, which served to undermine the foundations of this theory, but not enough to prevent successive generations of economists from continuing to use these. Then there is the aforementioned excellent 1951 Introduction to the Collected Works of David Ricardo. The third, and perhaps most important, work by Sraffa on price is his 1960 magnum opus, Production of Commodities by Means of Commodities (hereafter Commodities). It is in this work that Sraffa provides his own theory of price, and to which most attention will be paid in what follows.1 Although Sraffa’s theory of price has often been regarded as an important pillar of the general Post Keynesian theory of price, it will be argued below, in keeping with what was already argued in Chapter 7, that the two theories are very different. Keywords: Relative Price; Relative Prex; Joint Product; Labour Time; Wage Share (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-34650-5_8 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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