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A Reflection on Sraffa’s Revolution in Economic TheoryThe Meaning of Sraffa Prices

A Reflection on Sraffa’s Revolution in Economic Theory: The Meaning of Sraffa Prices [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.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

A Reflection on Sraffa’s Revolution in Economic TheoryThe Meaning of Sraffa Prices

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References (8)

Publisher
Springer International Publishing
Copyright
© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2021
ISBN
978-3-030-47205-4
Pages
117 –133
DOI
10.1007/978-3-030-47206-1_4
Publisher site
See Chapter on Publisher Site

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.]

Published: Jun 3, 2021

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

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