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Sraffa And The Question Of Equilibrium


  • Ajit SINHA


  • Michel-Stéphane DUPERTUIS



Hahn's (1982) influential critique of Sraffa (1960) crucially rests on his conclusion that "the only falsifiable entailment of the Sraffa equations is the postulate of a uniform rate of profit". This paper argues that the uniformity of the rates of profit in Sraffa’s system is not an assumption but rather a logical necessity of a system that determines its prices internally. It also shows that Hahn incorrectly identifies Sraffa’s sectoral rates of profit with commodities’ ‘own rates of profit’ of the intertemporal general equilibrium theory. This mistake lies at the heart of Hahn’s claim that Sraffa’s theory is a special case of the general equilibrium theory.

Suggested Citation

  • Ajit SINHA & Michel-Stéphane DUPERTUIS, 2009. "Sraffa And The Question Of Equilibrium," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 56, pages 91-100, January -.
  • Handle: RePEc:cpo:journl:y:2009:i:56:p:91-100

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    References listed on IDEAS

    1. Olivier Godard, 1990. "Environnement, modes de coordination et systèmes de légitimité : analyse de la catégorie de patrimoine naturel," Revue Économique, Programme National Persée, vol. 41(2), pages 215-242.
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    3. Thierry Hommel & Olivier Godard, 2002. "Trajectoire de contestabilité sociale et production d'OGM à usage agricole," Économie rurale, Programme National Persée, vol. 270(1), pages 36-49.
    4. Driessen, Peter P. J. & Glasbergen, Pieter & Verdaas, Co, 2001. "Interactive policy-making - a model of management for public works," European Journal of Operational Research, Elsevier, vol. 128(2), pages 322-337, January.
    5. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132-132.
    6. Jean-Charles Hourcade & Emeric Fortin, 2000. "Impact economique des politiques climatiques : des controverses aux enjeux de coordination," Economie Internationale, CEPII research center, issue 82, pages 45-74.
    7. Olivier Barreteau, 2003. "The Joint Use of Role-Playing Games and Models Regarding Negotiation Processes: Characterization of Associations," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 6(2), pages 1-3.
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    Cited by:

    1. Sinha, Ajit & Dupertuis, Michel-Stéphane, 2009. "Sraffa's system: Equal rate of profits and the notion of center of gravitation," Journal of Economic Behavior & Organization, Elsevier, vol. 71(2), pages 495-501, August.
    2. repec:bus:jphile:v:10:y:2017:i:2:n:5 is not listed on IDEAS

    More about this item

    JEL classification:

    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian


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