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Constant returns to scale and economic theories of value

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  • Naqvi, Nadeem

Abstract

Jointly with Erkko Etula, Paul Samuelson [2006] claims that the “Leontief – Sraffa matrix equations for input/output must obey constant returns to scale”. However, in an unrelated work, Amartya Sen [2003] claims that Sraffa’s [1960] “analysis does not need any assumption of constant returns to scale.” In fact, Sraffa’s model cannot satisfy this property because it is impossible to define constant returns to scale in it. This claim is considerably stronger than Sen’s. The property of constant returns to scale is significant because it constitutes a line of demarcation between distinct, though interrelated, economic theories of value. (96 words)

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 5306.

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Date of creation: 2007
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Handle: RePEc:pra:mprapa:5306

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Related research

Keywords: Constant returns to scale; Theory of Value; Relations of production; Counterfactual information; Exchange Values; Classical Political Economy; Neoclassical theory; Leontief technology;

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Cited by:
  1. Nadeem Naqvi, 2011. "Demystifying Sraffa’s Theory of Value in the Light of Arrow and Debreu," MAGKS Papers on Economics 201150, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).

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