Sraffa’s System in Relation to Some Main Currents in Unorthodox Economics

Tony Aspromourgos

Chapter 1 in Sraffa and the Reconstruction of Economic Theory: Volume Three, 2013, pp 15-33 from Palgrave Macmillan

Abstract: Abstract If one asks the question ‘How is Sraffa’s book, and the system of theory contained within it, related to the scope and content of economics as a whole?’, the answer, on one level, seems clear and obvious half a century on. On the one hand, it reconstructs with a new coherence at least a foundational element of classical economics, a tradition running from William Petty and Richard Cantillon to David Ricardo and Karl Marx, and beyond. On the other, that same system of theory entails a critique of the marginalist approach to the theory of functional income distribution, insofar as the latter relies upon well-behaved substitutability between ‘factors of production’ for generating demand functions for factors. Absent that supply-and-demand approach to factor pricing, the supply-and-demand approach to commodity prices and quantities also collapses (Garegnani, 1983).

Keywords: Political Economy; Real Wage; Commodity Price; Price Theory; Social Surplus (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-31404-8_2

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DOI: 10.1057/9781137314048_2

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