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A Reflection on the Samuelson-Garegnani Debate

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  • Ajit Sinha

    (Azim Premji University, Bangalore, India)

Abstract

This paper argues that Samuelson's criticisms of Sraffa mainly concentrated on Sraffa's claim that the propositions of his book (Sraffa 1960) did not depend on the assumption of constant returns to scale. Garegnani's defence of Sraffa against Samuelson's criticisms remained ineffective because Garegnani's own interpretation of Sraffa's prices as classical 'centre of gravitation' or 'long term' prices requires constant returns to scale assumption. The paper goes on to critique Garegnani's interpretation of Sraffa and the classical economics to show that Garegnani's interpretation of Sraffa and the classical economics is highly problematic and that Samuelson's criticism of Sraffa does not hit the target because Sraffa's prices are not necessarily 'equilibrium' prices and therefore there is no need of returns to scale assumption in his theory.

Suggested Citation

  • Ajit Sinha, 2015. "A Reflection on the Samuelson-Garegnani Debate," Economic Thought, World Economics Association, vol. 4(2), pages 1-48, September.
    • Handle: RePEc:wea:econth:v:4:y:2015:i:2:p:48
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    References listed on IDEAS

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    1. Harcourt,G. C., 1972. "Some Cambridge Controversies in the Theory of Capital," Cambridge Books, Cambridge University Press, number 9780521096720.
    2. F. H. Hahn, 1975. "Revival of Political Economy: The Wrong Issues and the Wrong Argument," The Economic Record, The Economic Society of Australia, vol. 51(3), pages 360-364, September.
    3. Pierangelo Garegnani, 2007. "Samuelson's misses: A rejoinder," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 14(3), pages 573-585.
    4. Ajit Sinha, 2014. "A New Perspective on Sraffa," Palgrave Macmillan Books, in: Riccardo Bellofiore & Scott Carter (ed.), Towards a New Understanding of Sraffa, chapter 5, pages 81-93, Palgrave Macmillan.
    5. Ajit Sinha, 2012. "Listen to Sraffa's silences: a new interpretation of Sraffa's Production of Commodities," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 36(6), pages 1323-1339.
    6. Hahn, Frank, 1982. "The Neo-Ricardians," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 6(4), pages 353-374, December.
    7. Paul A. Samuelson, 2007. "Classical and Neoclassical harmonies and dissonances," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 14(2), pages 243-271.
    8. John Hicks & Samuel Hollander, 1977. "Mr. Ricardo and the Moderns," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 91(3), pages 351-369.
    9. Ajit Sinha, 2007. "Sraffa and the Assumption of Constant Returns to Scale: A Critique of Samuelson and Etula," Contributions to Political Economy, Oxford University Press, vol. 26(1), pages 61-70.
    10. Samuelson, Paul A, 1978. "The Canonical Classical Model of Political Economy," Journal of Economic Literature, American Economic Association, vol. 16(4), pages 1415-1434, December.
    11. Michel‐Stéphane Dupertuis & Ajit Sinha, 2009. "Existence Of The Standard System In The Multiple‐Production Case: A Solution To The Manara Problem," Metroeconomica, Wiley Blackwell, vol. 60(3), pages 432-454, July.
    12. Pierangelo Garegnani, 2007. "Professor Samuelson on Sraffa and the classical economists," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 14(2), pages 181-242.
    13. Pierangelo Garegnani, 2013. "On the Present State of the Capital Controversy," Palgrave Macmillan Books, in: Enrico Sergio Levrero & Antonella Palumbo & Antonella Stirati (ed.), Sraffa and the Reconstruction of Economic Theory: Volume One, chapter 1, pages 15-37, Palgrave Macmillan.
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    Cited by:

    1. Enrico Bellino, 2018. "Viability, reproducibility and returns in production price systems," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 35(3), pages 845-861, December.

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