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On the Ricardian Invariable Measure of Value in General Convex Economies: Applicability of the Standard Commodity

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  • Kurose, Kazuhiro
  • Yoshihara, Naoki

Abstract

The purpose of this paper is to examine the critical arguments made by Burmeister, Samuelson, and others, with respect to Sraffa (1960). Sraffa did not address these arguments, but they are relevant from the viewpoint of modern economic theories. In his arguments about the standard commodity, Sraffa assumed that a change in income distribution has no effect on the output level and choice of techniques. However, modern economic theories allow interdependence among changes in income distribution, output level, and choice of techniques. Therefore, it is interesting to consider the existence of an invariable measure of value and linearity of income distribution in a model where such interdependence is discussed. We assume general convex economies with non-increasing returns to scale. In this model, we obtain the conditions under which the existence of an invariable measure of value and the validity of the linearity of income distribution are assured.

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File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/26021/1/DP597.pdf
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Paper provided by Institute of Economic Research, Hitotsubashi University in its series Discussion Paper Series with number 597.

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Length: 27 p.
Date of creation: Dec 2013
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Handle: RePEc:hit:hituec:597

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Keywords: Ricardo'痴 invariable measure of value; Sraffa'痴 standard commodity; General convex economies; Linear relation of income distribution;

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  1. Samuelson, Paul A. & Etula, Erkko M., 2006. "Testing to confirm that Leontief-Sraffa matrix equations for input/output must obey constancy of returns to scale," Economics Letters, Elsevier, vol. 90(2), pages 183-188, February.
  2. Fujimoto, T., 1980. "Addendum to nonlinear generalization of the frobenius theorem," Journal of Mathematical Economics, Elsevier, vol. 7(2), pages 213-214, July.
  3. Fujimoto, T., 1979. "Nonlinear generalization of the Frobenius theorem : A symmetric approach," Journal of Mathematical Economics, Elsevier, vol. 6(1), pages 17-21, March.
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