FROM SRAFFA: BACKWARDS, TO A BETTER UNDERSTANDING OF MARX’S VALUES/PRICES “TRANSFORMATION”; AND FORWARD, TO A NOVEL VIEW OF GROWING ECONOMIC SYSTEMS
Luigi L. Pasinetti and
Cahiers d’économie politique / Papers in Political Economy, 2015, issue 69, 73-96
The type of analysis carried out on the Sraffa system allows us to present a general version of the much-discussed problem of the “transformation of values into prices of production,” which Marx sets out in Volume III of Das Kapital. Moreover, the present contribution aims at showing how the introduction of “Keynesian” income distribution theory within a multisectoral framework—along the lines of Pasinetti (1962a, 1981, 1988)—allows one to reformulate a perfectly general theory of value in such a way as to uncover the properties of the labour values in terms of the long-run growth of the economic system.
Keywords: Transformation of values into prices of production; vertically hyper-integrated sectors; income distribution. (search for similar items in EconPapers)
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