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A Sraffian critique of the classical notion of centre of gravitation

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  • Michel-Stéphane Dupertuis
  • Ajit Sinha

Abstract

In this paper we use insights from Sraffa's classic, Production of Commodities by Means of Commodities, to argue that the classical notion of 'centre of gravitation' is not a sound concept. The market mechanics of labour allocation through price signals and quantity adjustments, given effectual demands, do not lead to a 'centre of gravitation'. We work out all such possible market mechanisms, including the specific classical case, and show that the 'centre of gravitation' is a non-attractive point in all cases. Copyright The Author 2009. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

Suggested Citation

  • Michel-Stéphane Dupertuis & Ajit Sinha, 2009. "A Sraffian critique of the classical notion of centre of gravitation," Cambridge Journal of Economics, Oxford University Press, vol. 33(6), pages 1065-1087, November.
  • Handle: RePEc:oup:cambje:v:33:y:2009:i:6:p:1065-1087
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    File URL: http://hdl.handle.net/10.1093/cje/ben050
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    Cited by:

    1. Saverio M. Fratini & Alessia Naccarato, 2016. "The Gravitation of Market Prices as A Stochastic Process," Metroeconomica, Wiley Blackwell, vol. 67(4), pages 698-716, November.
    2. Ajit Sinha & Michel-Stéphane Dupertuis, 2009. "Sraffa's System: Equal Rate of Profits and the Notion of Centre of Gravitation," Post-Print hal-00683159, HAL.
    3. Stefano Zambelli, 2018. "Production of commodities by means of commodities and non‐uniform rates of profits," Metroeconomica, Wiley Blackwell, vol. 69(4), pages 791-819, November.
    4. Geoffrey Harcourt & Peter Kriesler, 2012. "Introduction [to Handbook of Post-Keynesian Economics: Oxford University Press: USA]," Discussion Papers 2012-33, School of Economics, The University of New South Wales.
    5. Vaona, Andrea, 2011. "Profit rate dynamics, income distribution, structural and technical change in Denmark, Finland and Italy," Structural Change and Economic Dynamics, Elsevier, vol. 22(3), pages 247-268, September.

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