 Sraffa’s Critique and ‘Marshall’s Theory’Neil Hart Chapter 5 in Equilibrium and Evolution, 2012, pp 96-122 from Palgrave Macmillan Abstract: Abstract George Shackle (1967: 289) characterised the first two decades of the twentieth century as an ‘Age of Tranquillity’ during which the evolving ‘Marshallian’ theoretical apparatus reigned virtually undisputed in the English-speaking world. The end to these tranquil times is most often associated with the Marshallian cost controversies of the 1920s, with Piero Sraffa’s (1925, 1926, 1930) contributions widely seen as epitomising the challenge to the prevailing orthodoxy. The setting in which these debates proceeded is suitably described in the following terms by Sraffa: In the tranquil view which the modern theory of value presents us there is one dark spot which disturbs the harmony of the whole. This is represented by the supply curve, based upon the laws of increasing and diminishing returns. That its foundations are less solid than those of the other portions of the structure is generally recognised. That they are actually so weak as to be unable to support the weight imposed upon them is a doubt which slumbers beneath the consciousness of many, but which most succeed in silently suppressing. (Sraffa 1926: 536) Keywords: Competitive Equilibrium; Cost Curve; Supply Curve; Imperfect Competition; Competitive Condition (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:978-0-230-36117-1_5 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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