The Role of Sraffa Prices in Post-Keynesian Pricing Theory
Chapter Chapter 9 in A Reflection on Sraffa’s Revolution in Economic Theory, 2021, pp 269-287 from Palgrave Macmillan
Abstract Alessandro Roncaglia has been analyzing Piero Sraffa’s contributions and how they fit into the context of the developments of economic theory since the time of the classical political economists on. In particular, he has concerned himself with how the structure of Sraffa (1960) prices in Production of Commodities by Means of Commodities are to be interpreted in relation to both Sraffa’s (and our) predecessors and as a contribution to modern economic theory. In his comprehensive volume on Sraffa in Tony Thirlwall’s important series, Great Thinkers in Economics, Roncaglia (2009) identifies three major interpretations of what Sraffa has done and where he may have wished developments of his contributions to go: a Smithian interpretation, a Ricardian interpretation and a Marxian interpretation. Along with his mentor, Paolo Sylos-Labini, Roncaglia places himself in the Smithian stream. He identifies Heinz Kurz and Neri Salvadori especially in the Ricardian stream and Pierangelo Garegnani especially in the Marxian stream.
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