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Sraffa's Other Leg

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  • Samuelson, Paul A

Abstract

In a constant-returns-to-scale-technology sans joint products, relative goods and factor prices must in general depend competitively on the two legs of demand composition and cost-technology. Sraffa's 1926 classic article, besides validly contending the need for imperfect-competition paradigms in increasing-returns situations, wrongly emphasized the primacy of the special one-leg case of constant costs. Here it is shown that Sraffa's leitmotiv involved overstress on this nongeneric case: his 1925 Italian paper, his late-1920s exploration of input-output, his editing of the classical writings, and his 1960 classic book involve the same bias. Copyright 1991 by Royal Economic Society.

Suggested Citation

  • Samuelson, Paul A, 1991. "Sraffa's Other Leg," Economic Journal, Royal Economic Society, vol. 101(406), pages 570-574, May.
    • Handle: RePEc:ecj:econjl:v:101:y:1991:i:406:p:570-74
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    Cited by:

    1. Bellino, Enrico, 2014. "Sraffa’s price equations in light of Garegnani and Pasinetti - The ‘core’ of surplus theories and the ‘natural’ relations of an economic system," MPRA Paper 60730, University Library of Munich, Germany.
    2. Antonella Stirati, 2013. "Sraffa's 1930 manuscripts on the representative firm and Marshall's theory of value and business profit," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(3), pages 439-465, June.

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