Prices and Distribution: Ricardo After Sraffa

Krishna Ch. Roychowdhury
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Krishna Ch. Roychowdhury: University of Burdwan

Indian Economic Review, 1994, vol. 29, issue 1, 1-11

Abstract: Ricardo's surplus approach tends to define the rate of profit independently of prices provided the proportions in which labour and means of production are employed in the various industries are the same. While the quantity of labour required remains the primary cause of the variations of relative prices, the secondary effect of unequal proportions of labour to means of production, instead of weakening the labour theory of value, serves to reinforce it. However, Sraffa's analysis is concerned with the study of distribution for a given technology in a static framework where output is given whereas Ricardo is concerned with prices and distribution in a dynamic framework of capital accumulation and technical progress. No wonder, the result that Scraffa has achieved with his commodity approach to prices may not be what Ricardo was seeking with his labour-quantity approach to prices and distribution.

JEL-codes: D51 (search for similar items in EconPapers)
Date: 1994
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