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Sraffa and the labour theory of value - a note

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  • Anderaos de Araujo, Fabio

Abstract

An analysis of the invariable measure of prices proposed by the eminent Italian economist Piero Sraffa, who laid the foundations for a new approach in modern economics. Two mathematical appendices are also provided. The first appendix shows step by step the construction of the Standard Commodity, which is a consistent solution to the transformation of labour values into prices of production. In Appendix II there is a general numerical example of a price system with two industries which makes the understanding of the distribution of income between wages and profits easier. Using a software spreadsheet, for example, it is possible to make numerical simulations and make comparisons between the results obtained from the Sraffa price system with that obtained from Marx's. This is revised version of the original paper written few years ago.

Suggested Citation

  • Anderaos de Araujo, Fabio, 2015. "Sraffa and the labour theory of value - a note," MPRA Paper 65573, University Library of Munich, Germany, revised 12 Jul 2015.
    • Handle: RePEc:pra:mprapa:65573
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    References listed on IDEAS

    as
    1. Heinz D. Kurz & Neri Salvadori (ed.), 1998. "The Elgar Companion to Classical Economics," Books, Edward Elgar Publishing, volume 0, number 851.
    2. F. Seton, 1957. "The "Transformation Problem"," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 24(3), pages 149-160.
    3. Fabio Anderaos de Araujo, 1982. "Preços e distribuição do valor segundo Sraffa," Brazilian Journal of Political Economy, Center of Political Economy, vol. 2(2).
    4. Marcuzzo, Maria Cristina, 2012. "Speculation and regulation in commodity markets: The Keynesian approach in theory and practice," MPRA Paper 44131, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Sraffa; standard commodity; prices; labour values; income distribution;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)

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