Sraffa’s ‘Reduction’ of the prices of basics

Bertram Schefold

Structural Change and Economic Dynamics, 2021, vol. 59, issue C, 575-581

Abstract: Piero Sraffa, in his Production of Commodities by Means of Commodities, used his so-called Standard Commodity as a tool for his exposition and for his derivation of Standard Prices. The paper shows that the reduction to dated quantities of labour, in which this exposition culminates, implies a diminution of the indirect labour inputs to any commodity over time that exhibits certain regularities, if the commodities are basics, and this helps to explain why the paradoxes of capital theory such as reswitching and reverse capital deepening are rare.

Keywords: Capital theory; Reduction; Sraffa (search for similar items in EconPapers)
JEL-codes: B24 B51 D24 D57 E25 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:streco:v:59:y:2021:i:c:p:575-581

DOI: 10.1016/j.strueco.2021.10.011

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