Sraffa and Imperfect Competition

Peter Newman and Spyros Vassilakis

Cambridge Journal of Economics, 1988, vol. 12, issue 1, 37-42

Abstract: This brief article examines the contributions of Piero Sraffa to th e theory of imperfect competition, in the light of the approach to imperfect competition taken by modern general equilibrium theorists. For the latter, perfect competition is a state of affairs that comprises optimizing agents, complete markets, nonstrategic behavior, and market clearing. It is argued that, from this perspective, the most important contribution of Sraffa was his proposition (in effect) that perfect competition, so defined, is compatible only wit h the simultaneous presence of constant returns and absence of external effects. Copyright 1988 by Oxford University Press.

Date: 1988
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