Sraffa and the Labour Theory of Value - a note

Fabio Anderaos de Araujo

MPRA Paper from University Library of Munich, Germany

Abstract: An analysis of the invariable measure of prices proposed by the eminent Italian economist Piero Sraffa, who laid the foundations for a new approach in modern economics. Two mathematical appendices are also provided. The first one shows step by step the construction of the Standard Commodity, which is a consistent solution to the transformation of labour values into prices of production. In Appendix II there is a general numerical example of a price system with two industries which makes the understanding of the distribution of income between wages and profits easier. Using a software spreadsheet, for example, it is possible to make numerical simulations and make comparisons between the results obtained from the Sraffa price system with that obtained from Marx's. This is revised version of the original paper written few years ago.

Keywords: Sraffa; Standard Commodity; labour values; income distribution (search for similar items in EconPapers)
JEL-codes: A1 B00 B12 (search for similar items in EconPapers)
Date: 2015-07-06, Revised 2015-07-12
New Economics Papers: this item is included in nep-his, nep-hme, nep-hpe and nep-pke
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