Sraffa and Keynes: Two Ways of Making a ‘Revolution’ in Economic Theory

Guglielmo Chiodi and Leonardo Ditta

Chapter 10 in Sraffa and the Reconstruction of Economic Theory: Volume One, 2013, pp 218-240 from Palgrave Macmillan

Abstract: Abstract This chapter aims to show how a true ‘revolution’ in economic theory during the last century can be attributed jointly to Sraffa and Keynes. Despite following different research paths, both went deeply into the foundations of established economic theory, to the point of subverting, within their own framework, traditional ways of thinking about and representing the functioning of an economic system. We will also reflect on the persistence, despite Keynes’s and Sraffa’s corrosive critiques, of the very uncomfortable state of contemporary economic theory.

Keywords: Market Mechanism; Full Employment; Classical Economist; Neoclassical Theory; Effective Demand (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-31683-7_11

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DOI: 10.1057/9781137316837_11

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