Sraffa And The Question Of Equilibrium
AbstractHahn's (1982) influential critique of Sraffa (1960) crucially rests on his conclusion that "the only falsifiable entailment of the Sraffa equations is the postulate of a uniform rate of profit". This paper argues that the uniformity of the rates of profit in Sraffa’s system is not an assumption but rather a logical necessity of a system that determines its prices internally. It also shows that Hahn incorrectly identifies Sraffa’s sectoral rates of profit with commodities’ ‘own rates of profit’ of the intertemporal general equilibrium theory. This mistake lies at the heart of Hahn’s claim that Sraffa’s theory is a special case of the general equilibrium theory.
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Bibliographic InfoArticle provided by L'Harmattan in its journal Cahiers d'économie Politique.
Volume (Year): (2009)
Issue (Month): 56 (January - June)
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Web page: http://www.cahiersdecopo.fr/fr/
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Find related papers by JEL classification:
- B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
- B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies
- B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
- B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
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