Closure for the Sraffa System: A Theory of Value, Distribution and Growth

Rajas Parchure ()

Working Papers from eSocialSciences

Abstract: The purpose of this paper is to pursue the implications of closing, in the sense of rendering determinate, the Sraffa equations of production, prices and distribution [Sraffa (1960)] by adding to them demand equations of the type estimated in Stone’s (1954) linear expenditure system. The motivation for the inquiry is this: it seems only natural that the closure for a system of production and price equations that have been formulated on objectivist foundations should be sought in a system of demand equations that has been designed to estimate observed consumer behaviour because it holds the promise of formulating a general equilibrium theory with empirical foundations.

Keywords: production; price equation; sraffa equations; supply; demand; wage; labour; economy; distribution; growth; linear expenditure; observed consumer behaviour; general equilibrium; empirical foundation (search for similar items in EconPapers)
Date: 2011-06
Note: Institutional Papers
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