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Removing an 'insuperable obstacle' in the way of an objectivist analysis: Sraffa's attempts at fixed capital

Heinz Kurz () and Neri Salvadori ()

The European Journal of the History of Economic Thought, 2005, vol. 12, issue 3, 493-523

Abstract: The paper discusses Sraffa's consecutive attempts in the late 1920s and early 1940s to tackle a problem which endangered his objectivist, surplus-based approach to the theory of value and distribution aimed at reviving the standpoint of the classical economists. Whilst with circulating capital the value transfer to the product and the physical 'destruction' of the input are one and the same thing, with fixed capital this is not so. Sraffa eventually overcame the difficulty in terms of the joint products-method. This allowed him to explain relative prices and the rate of profits strictly in 'material terms'.

Keywords: Classical economics; fixed capital; production; Sraffa Piero; value and distribution (search for similar items in EconPapers)
Date: 2005
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DOI: 10.1080/09672560500240156

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The European Journal of the History of Economic Thought is currently edited by José Luís Cardoso

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Handle: RePEc:taf:eujhet:v:12:y:2005:i:3:p:493-523