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Demystifying Sraffa’s Theory of Value in the Light of Arrow and Debreu

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  • Nadeem Naqvi

    ()
    (University of Giessen)

Abstract

This paper compares the models of Arrow and Debreu [1954] and Sraffa [1960], and concludes that (1) the models are informationally distinct conceptions of a capitalist economy, (2) they support radically distinct – though complete and entirely correct – theories of value, (3) the prices in the two theories are different both in terms of definitions and values, (4) in Sraffa‘s model it is impossible to define constant returns to scale, while in Arrow-Debreu this property is admissible, and (5) in Arrow-Debreu the interpersonal income distribution is determined whereas in Srafa‘s model the distribution of income between workers and capitalists is undetermined.

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File URL: http://www.uni-marburg.de/fb02/makro/forschung/magkspapers/50-2011_naqvi.pdf
File Function: First version, 2011
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Bibliographic Info

Paper provided by Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung) in its series MAGKS Papers on Economics with number 201150.

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Length: 21 pages
Date of creation: 2011
Date of revision:
Publication status: Forthcoming in
Handle: RePEc:mar:magkse:201150

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Related research

Keywords: constant returns to scale; theory of value; relations of production; counterfactual information; prices; exchange values; income distribution; general equilibrium; capital; marginal product;

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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. Hahn, Frank, 1982. "The Neo-Ricardians," Cambridge Journal of Economics, Oxford University Press, vol. 6(4), pages 353-74, December.
  3. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676, April.
  4. Naqvi, Nadeem, 2007. "Constant returns to scale and economic theories of value," MPRA Paper 5306, University Library of Munich, Germany.
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