Revisiting fixed capital models in the Sraffa framework

Biao Huang ()
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Biao Huang: Renmin University of China

Economia Politica: Journal of Analytical and Institutional Economics, 2019, vol. 36, issue 2, No 1, 371 pages

Abstract: Abstract Von Neumann (Review of Economics Studies 13(1):1–9, 1945) and Sraffa (Production of commodities by means of commodities. Prelude to a critique of economic theory. Cambridge University Press, Cambridge, 1960) revived the classical ideas of treating fixed capital as a special case of joint production. Sraffa’s model with a single machine that has constant efficiency has been widely generalised. Among such generalisations, Salvadori’s contribution (Value, distribution and capital. Essays in honour of Pierangelo Garegnani, Routledge, London, pp 270–285, 1999) not only re-ignited research interest in the field, but also reshaped scholastic understanding of the importance of machines’ efficiencies with regard to fixed capital models. Such novel insights make it necessary to revisit the development of fixed capital models in the Sraffa framework. In this paper these models are surveyed with a focus on the properties of the cost-minimising technique in each model.

Keywords: Fixed capital; Sraffa; Cost-minimising technique; Transferable machines; Jointly utilised machines (search for similar items in EconPapers)
JEL-codes: B51 C60 D24 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s40888-019-00147-7

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