New Developments in Sraffian Theory
Saturday, Jan. 6, 2018 10:15 AM - 12:15 PM
- Chair: Robin Hahnel, Willamette University
A Point by Point Comparison of Sraffian and Marxian Economic Theories
AbstractThis paper provides a succinct comparison of Sraffian and Marxian treatments of prices, profits, technological change, environmental sustainability, and the moral case against capitalism, with an eye to identifying pros and cons.
Reproducibility, Viability, and Returns in Price of Production Systems
AbstractPrices of Production are commonly conceived as exchange rates among commodities which permit them to be “reproduced” in the same quantities, or along a proportional growth path. A deeper investigation shows that Sraffa’s price equations can also refer to economies where industries with positive net products cohabit with industries with negative net products. An alternative interpretation of “viability” is thus provided. The co-presence of growing and declining industries re-opens the issue about returns to scale in production models.
Sraffian Indeterminacy in General Equilibrium Revisited
AbstractUnlike Mandler’s (1999; Theorem 6) impossibility result about the
Sraffian indeterminacy of the steady-state equilibrium, we show that any stationary growth equilibrium with an endogenous growth rate is indeterminate in terms of Sraffa (1960) under the simple overlapping generation economy. Moreover, we also check that this indeterminacy is generic.
- B2 - History of Economic Thought since 1925
- B5 - Current Heterodox Approaches