Sraffa's Critique of Marshall: A Reassessment

Gary Mongiovi

Cambridge Journal of Economics, 1996, vol. 20, issue 2, 207-24

Abstract: This paper reviews Piero Sraffa's critique of the Marshallian theory of supply. The dominant interpretations appear to have misread the connection between the critique and Sraffa's later work. This critique was directed at the inability of Alfred Marshall's theory to provide a generally valid explanation of price under competitive conditions but insufficient attention has been paid to Sraffa's concern to find a theory of value that could accommodate increasing returns. There is little evidence, moreover, to support the standard claim that Sraffa adopted the simultaneous equation approach of Production of Commodities in order to resolve the deficiencies of the partial method. (c) 1996 Academic Press Limited Copyright 1996 by Oxford University Press.

Date: 1996
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