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Closure for the Sraffa System: A Theory of Value, Distribution and Growth

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  • Rajas Parchure

Abstract

The purpose of this paper is to pursue the implications of closing, in the sense of rendering determinate, the Sraffa equations of production, prices and distribution [Sraffa (1960)] by adding to them demand equations of the type estimated in Stone’s (1954) linear expenditure system. The motivation for the inquiry is this: it seems only natural that the closure for a system of production and price equations that have been formulated on objectivist foundations should be sought in a system of demand equations that has been designed to estimate observed consumer behaviour because it holds the promise of formulating a general equilibrium theory with empirical foundations.

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  • Rajas Parchure, 2011. "Closure for the Sraffa System: A Theory of Value, Distribution and Growth," Working Papers id:4123, eSocialSciences.
    • Handle: RePEc:ess:wpaper:id:4123
    Note: Institutional Papers
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    References listed on IDEAS

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    1. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676, January.
    2. Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-326, June.
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