On the Ricardian Invariable Measure of Value in General Convex Economies: Applicability of the Standard Commodity

Kazuhiro Kurose () and Naoki Yoshihara ()
Additional contact information
Kazuhiro Kurose: Tohoku University

UMASS Amherst Economics Working Papers from University of Massachusetts Amherst, Department of Economics

Abstract: The purpose of this paper is to examine the critical arguments made by Burmeis- ter, Samuelson, and others, with respect to Sraffa (1960). Sraffa did not address these arguments, but they are relevant from the viewpoint of modern economic theories. In his arguments about the standard commodity, Sraffa assumed that a change in in- come distribution has no effect on the output level and choice of techniques. However, modern economic theories allow interdependence among changes in income distribu- tion, output level, and choice of techniques. Therefore, it is interesting to consider the existence of an invariable measure of value and linearity of income distribution in a model where such interdependence is discussed. We assume general convex economies with non-increasing returns to scale. In this model, we obtain the conditions under which the existence of an invariable measure of value and the validity of the linearity of income distribution are assured.

Keywords: Ricardo's invariable measure of value; Sraffa's standard commodity; General convex economies; Linear relation of income distri- bution (search for similar items in EconPapers)
JEL-codes: B51 D30 D51 (search for similar items in EconPapers)
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.umass.edu/economics/publications/2013-13.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 403 Forbidden

Related works:
Working Paper: On the Ricardian Invariable Measure of Value in General Convex Economies: Applicability of the Standard Commodity (2013)
Working Paper: On the Ricardian Invariable Measure of Value in General Convex Economies: Applicability of the Standard Commodity (2013)
Working Paper: On the Ricardian Invariable Measure of Value in General Convex Economies: Applicability of the Standard Commodity (2013)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ums:papers:2013-13

Access Statistics for this paper

More papers in UMASS Amherst Economics Working Papers from University of Massachusetts Amherst, Department of Economics Thompson Hall, Amherst, MA 01003. Contact information at EDIRC.
Bibliographic data for series maintained by Daniele Girardi ( this e-mail address is bad, please contact ).