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The Meaning of Sraffa Prices

Goddanti Omkarnath ()
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Goddanti Omkarnath: University of Hyderabad

Chapter Chapter 4 in A Reflection on Sraffa’s Revolution in Economic Theory, 2021, pp 117-133 from Palgrave Macmillan

Abstract: Abstract The chapter raises the issue of the theoretical content of the Sraffa system and whether it is a re-statement of the classical theory of value. It argues that there is no causal theory of prices in Sraffa who breaks through the classical circularity between distribution and value. As non-causal numerical relations among commodities, Sraffa prices serve to establish logical consistency between conditions of production and distribution of social surplus. They are the axis of a self-replacing economic system in historical time which holds until a new configuration of economic forces emerges. The axis is more securely derived from conditions of production rather than conditions of exchange. Together with the rate of profits, Sraffa prices provide the vital link between theories of economic structure and economic change.

Keywords: Self-replacement; Self-reproduction; Circularity and simultaneity; Standard commodity; Causal and non-causal theories; Prices as conditions of logical consistency; Economic structure; Economic change (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/978-3-030-47206-1_4

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