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Production of commodities by means of commodities and non‐uniform rates of profits


  • Stefano Zambelli


Sraffa's book Production of Commodities by Means of Commodities begins with the following (p. 3): Let us consider an extremely simple society …. Commodities are produced by separate industries and are exchanged for one another at a market held after the harvest. One of Sraffa's objectives is to determine the ... set of exchange‐values which if adopted by the market restores the original distribution of the products and makes it possible for the process to be repeated; such values spring directly from the methods of production (p. 3, emphasis added). so that the system is in a self‐replacing state. Furthermore, Sraffa assumed the rate of profits ... to be uniform in all industries (p. 98), emphasis added. This paper studies the self‐replacing properties of the system without assuming a uniform rate of profits.

Suggested Citation

  • Stefano Zambelli, 2018. "Production of commodities by means of commodities and non‐uniform rates of profits," Metroeconomica, Wiley Blackwell, vol. 69(4), pages 791-819, November.
  • Handle: RePEc:bla:metroe:v:69:y:2018:i:4:p:791-819
    DOI: 10.1111/meca.12213

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    References listed on IDEAS

    1. Avi J. Cohen, 2003. "Retrospectives: Whatever Happened to the Cambridge Capital Theory Controversies?," Journal of Economic Perspectives, American Economic Association, vol. 17(1), pages 199-214, Winter.
    2. Saverio M. Fratini & Alessia Naccarato, 2016. "The Gravitation of Market Prices as A Stochastic Process," Metroeconomica, Wiley Blackwell, vol. 67(4), pages 698-716, November.
    3. Zonghie Han & Bertram Schefold, 2006. "An empirical investigation of paradoxes: reswitching and reverse capital deepening in capital theory," Cambridge Journal of Economics, Oxford University Press, vol. 30(5), pages 737-765, September.
    4. Bellino, Enrico & Serrano, Franklin, 2017. "Gravitation of Market Prices towards Normal Prices: Some New Results," Centro Sraffa Working Papers CSWP25, Centro di Ricerche e Documentazione "Piero Sraffa".
    5. Harcourt,G. C., 1972. "Some Cambridge Controversies in the Theory of Capital," Cambridge Books, Cambridge University Press, number 9780521096720.
    6. Zambelli, Stefano & Fredholm, Thomas & Venkatachalam, Ragupathy, 2017. "Robust measurement of national technological progress," Structural Change and Economic Dynamics, Elsevier, vol. 42(C), pages 38-55.
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    8. Michele Boglioni & Stefano Zambelli, 2017. "European Economic Integration And Comparative Advantages," Journal of Economic Surveys, Wiley Blackwell, vol. 31(4), pages 1011-1034, September.
    9. Giorgio Gilibert, 2006. "The Man From The Moon: Sraffa'S Upside-Down Approach To The Theory Of Value," Contributions to Political Economy, Oxford University Press, vol. 25(1), pages 35-48, August.
    10. Steedman, Ian, 1984. "Natural Prices, Differential Profit Rates and the Classical Competitive Process," The Manchester School of Economic & Social Studies, University of Manchester, vol. 52(2), pages 123-140, June.
    11. Ganguli, Partha, 1997. "Differential Profit Rates and Convergence to the Natural State," The Manchester School of Economic & Social Studies, University of Manchester, vol. 65(5), pages 534-567, December.
    12. Michel-Stéphane Dupertuis & Ajit Sinha, 2009. "A Sraffian critique of the classical notion of centre of gravitation," Cambridge Journal of Economics, Oxford University Press, vol. 33(6), pages 1065-1087, November.
    13. Bellino, Enrico & Serrano, Franklin, 2017. "Gravitation of market prices towards normal prices: some new results," MPRA Paper 79297, University Library of Munich, Germany.
    14. Paul A. Samuelson, 1962. "Parable and Realism in Capital Theory: The Surrogate Production Function," Review of Economic Studies, Oxford University Press, vol. 29(3), pages 193-206.
    15. Kazuo Sato, 1974. "The Neoclassical Postulate and the Technology Frontier in Capital Theory," The Quarterly Journal of Economics, Oxford University Press, vol. 88(3), pages 353-384.
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    Cited by:

    1. Vienneau, Robert L., 2019. "Structural economic dynamics, markups, real Wicksell effects, and the reverse substitution of labor," Structural Change and Economic Dynamics, Elsevier, vol. 50(C), pages 216-226.

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