Do Supply Curves Slope Up? The Empirical Relevance of the Sraffian Critique of Neoclassical Production Economics

Adam Ozanne

Cambridge Journal of Economics, 1996, vol. 20, issue 6, 749-62

Abstract: The Sraffian critique of neoclassical economics has tended to concentrate on the input rather than the output side of production processes--in particular, criticism of neoclassical theory. When it has addressed supply questions, it has been concerned more with individual commodities than aggregate supply. Furthermore, Sraffian economists have been criticized for not investigating the relevance of their hypothesis empirically. This paper extends the Sraffian critique of Marshallian partial analysis to cover aggregate supply and reports the results of a simulation exercise based on an econometric model of U.K. agriculture that finds evidence of perverse supply response at the aggregate level. (c) 1996 Academic Press Limited Copyright 1996 by Oxford University Press.

Date: 1996
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