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Book part
Publication date: 29 October 2014

Scott Carter

Professor Solow’s original comment from 2007 is addressed seven years later. Here the foundational character of Sraffa’s archival material is stressed and no longer is the search…

Abstract

Professor Solow’s original comment from 2007 is addressed seven years later. Here the foundational character of Sraffa’s archival material is stressed and no longer is the search for what Sraffa “really said” or much more nefariously what he “really meant” (especially as regards the relation to Marx) the endeavour pursued. This means rendering unto Sraffa what is his and using the foundations he provides from archival material to re-conceive Marxian income distribution theory and policy as a “positive” aspect of economic science.

Details

Research in Political Economy
Type: Book
ISBN: 978-1-78441-007-0

Keywords

Abstract

Details

Return of Marxian Macro-Dynamics in East Asia
Type: Book
ISBN: 978-1-78714-477-4

Article
Publication date: 1 July 1987

Robert A. Griffin

Economic theories are integrally related to the social and historical processes from which they emerge. They evolve from, reflect, and seek to communicate explanations of the…

Abstract

Economic theories are integrally related to the social and historical processes from which they emerge. They evolve from, reflect, and seek to communicate explanations of the on‐going phenomena in which they participate. While, therefore, economic theories are mostly the product of the socio‐economic matrices in which they are conceived, the most influential political economists in history have also reflected the most advanced principles of science in their work. This they have done as their common calling to build a science of economic activity that would prove adequate to serving the most basic needs of people throughout the world and to meeting the growing requirements of public policy making. It is in these senses that the economic theories of Thorstein Veblen and Piero Sraffa have revealed the poverty and sterility of marginal utility speculations, while their combined innovations offer a hopeful prospect for continuing the classical heritage of production and social surplus theory which preceded the century‐long dominance of the demand‐and‐supply approach in political economy.

Details

International Journal of Social Economics, vol. 14 no. 7/8/9
Type: Research Article
ISSN: 0306-8293

Content available
Book part
Publication date: 16 December 2017

Abstract

Details

Including a Symposium on New Directions in Sraffa Scholarship
Type: Book
ISBN: 978-1-78714-539-9

Book part
Publication date: 29 October 2014

Bangxi Li

This chapter aims at making clear growth and distribution of China’s economy 1987–2000 with fixed capital on the input-output table basis. Since fixed capital data are not…

Abstract

This chapter aims at making clear growth and distribution of China’s economy 1987–2000 with fixed capital on the input-output table basis. Since fixed capital data are not sufficiently available, one has to estimate fixed capital coefficients. In the outset, this chapter outlines the Sraffa–Fujimori method, which simulates the maximum growth path and estimates the marginal fixed capital coefficients on that path. In the second place, the marginal fixed capital coefficients of China’s economy are estimated. In the third place, the wage-profit curves of China’s economy will be drawn, and we discuss some further features obtained by our observations.

Article
Publication date: 1 February 2003

Heinrich Bortis

Based on Geoffrey Harcourt's Palgrave volumes, this review article attempts to picture how, in a Cambridge environment, Keynes's fragmentary monetary theory of production grew…

1068

Abstract

Based on Geoffrey Harcourt's Palgrave volumes, this review article attempts to picture how, in a Cambridge environment, Keynes's fragmentary monetary theory of production grew organically out of Marshall's equally fragmentary monetary theory of exchange. The dangers associated with Keynes's close links with Marshall are alluded to. Indeed, without taking account of the classical spirit of Sraffa's work, Keynes's monetary theory may quite easily be integrated into the Marshallian‐neoclassical framework of analysis. However, theorising, not literally, but in the spirit of Keynes and Sraffa, within a Ricardian‐Pasinettian framework of vertical integration, opens the way to a Classical‐Keynesian monetary theory of production.

Details

Journal of Economic Studies, vol. 30 no. 1
Type: Research Article
ISSN: 0144-3585

Keywords

Open Access
Article
Publication date: 11 April 2023

Keanu Telles

In the early 1930s, Nicholas Kaldor could be classified as an Austrian economist. The author reconstructs the intertwined paths of Kaldor and Friedrich A. Hayek to disequilibrium…

2014

Abstract

Purpose

In the early 1930s, Nicholas Kaldor could be classified as an Austrian economist. The author reconstructs the intertwined paths of Kaldor and Friedrich A. Hayek to disequilibrium economics through the theoretical deficiencies exposed by the Austrian theory of capital and its consequences on equilibrium analysis.

Design/methodology/approach

The author approaches the discussion using a theoretical and historical reconstruction based on published and unpublished materials.

Findings

The integration of capital theory into a business cycle theory by the Austrians and its shortcomings – e.g. criticized by Piero Sraffa and Gunnar Myrdal – called attention to the limitation of the theoretical apparatus of equilibrium analysis in dynamic contexts. This was a central element to Kaldor’s emancipation in 1934 and his subsequent conversion to John Maynard Keynes’ The General Theory of Employment, Interest, and Money (1936). In addition, it was pivotal to Hayek’s reformulation of equilibrium as a social coordination problem in “Economics and Knowledge” (1937). It also had implications for Kaldor’s mature developments, such as the construction of the post-Keynesian models of growth and distribution, the Cambridge capital controversy, and his critique of neoclassical equilibrium economics.

Originality/value

The close encounter between Kaldor and Hayek in the early 1930s, the developments during that decade and its mature consequences are unexplored in the secondary literature. The author attempts to construct a coherent historical narrative that integrates many intertwined elements and personas (e.g. the reception of Knut Wicksell in the English-speaking world; Piero Sraffa’s critique of Hayek; Gunnar Myrdal’s critique of Wicksell, Hayek, and Keynes; the Hayek-Knight-Kaldor debate; the Kaldor-Hayek debate, etc.) that were not connected until now by previous commentators.

Article
Publication date: 1 April 1986

S.A. MAJID

The cybernetic importance of the work of the economist P. Sraffa is briefly introduced and then consideration is given to the use of linear programming technique in constructing…

Abstract

The cybernetic importance of the work of the economist P. Sraffa is briefly introduced and then consideration is given to the use of linear programming technique in constructing the Sraffan system of production of commodities by means of commodities. It is concluded that linear programming, via the use of computers and computer languages, could be used to show how much profits can be obtained from systems of production with the available means of production.

Details

Kybernetes, vol. 15 no. 4
Type: Research Article
ISSN: 0368-492X

Article
Publication date: 1 March 1985

S.A. MAJID

This study is conducted to determine a method of solving the Sraffian set of equations of production, using a computer model. Sraffa's theory is based on a very simple model of an…

Abstract

This study is conducted to determine a method of solving the Sraffian set of equations of production, using a computer model. Sraffa's theory is based on a very simple model of an economic system consists of a set of non‐linear equations. Consideration is given, in this paper, to the importance of using modelling and simulation techniques rather than analytical methods.

Details

Kybernetes, vol. 14 no. 3
Type: Research Article
ISSN: 0368-492X

Book part
Publication date: 29 October 2014

Robert M. Solow

Sraffian's concept or metaphor of a “pool profits” is theoretically pointless and empirically irrelevant. The appropriate calculation is the variation of the equilibrium price…

Abstract

Sraffian's concept or metaphor of a “pool profits” is theoretically pointless and empirically irrelevant. The appropriate calculation is the variation of the equilibrium price vector along the factor price frontier.

Details

Research in Political Economy
Type: Book
ISBN: 978-1-78441-007-0

Keywords

11 – 20 of 279