Self-replacing prices with credit and debt

Ragupathy Venkatachalam and Stefano Zambelli

Structural Change and Economic Dynamics, 2022, vol. 60, issue C, 451-466

Abstract: Sraffa advanced his critique of economic theory (Sraffa, 1960) based on the notion of a production system that replicates itself. Prices associated with exchanges in such a system ought to be such that producers and workers would have the necessary purchasing power. The original Sraffian schemes do not include the possibility for exchanges to take place through deferred means of payments. We generalise this system by introducing the possibility of deferred means of payments. We characterise the domain of self-replacing prices in the presence of credit, debt and non-uniform rate of profits. We provide a constructive procedure to compute the relevant self-replacing prices.

Keywords: Sraffa; Money; Credit and debt; Simulation; Viability (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eee:streco:v:60:y:2022:i:c:p:451-466

DOI: 10.1016/j.strueco.2021.11.002

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