On Sraffa's Price System

Keiran Sharpe

Cambridge Journal of Economics, 1999, vol. 23, issue 1, 93-101

Abstract: This paper offers a novel interpretation of P. Sraffa's Production of Commodities (1960) by making use of the distinction between stock and flow equilibria drawn by J. Hicks in Capital and Growth (1965). Sraffa's price system is described as an economywide stock equilibrium--defined and analyzed independently of the conditions of flow (supply and demand) equilibrium. The merits of this interpretation are twofold: first, it allows certain elements of Sraffa's book that have perplexed some readers to be more readily understood; and, second, it allows one to see more clearly the fundamental differences in method of the modern classical and neoclassical approaches to economics. Copyright 1999 by Oxford University Press.

Date: 1999
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