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Sraffa's Other Leg

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  • Samuelson, Paul A

Abstract

In a constant-returns-to-scale-technology sans joint products, relative goods and factor prices must in general depend competitively on the two legs of demand composition and cost-technology. Sraffa's 1926 classic article, besides validly contending the need for imperfect-competition paradigms in increasing-returns situations, wrongly emphasized the primacy of the special one-leg case of constant costs. Here it is shown that Sraffa's leitmotiv involved overstress on this nongeneric case: his 1925 Italian paper, his late-1920s exploration of input-output, his editing of the classical writings, and his 1960 classic book involve the same bias. Copyright 1991 by Royal Economic Society.

Suggested Citation

  • Samuelson, Paul A, 1991. "Sraffa's Other Leg," Economic Journal, Royal Economic Society, vol. 101(406), pages 570-574, May.
  • Handle: RePEc:ecj:econjl:v:101:y:1991:i:406:p:570-74
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    Cited by:

    1. Bellino, Enrico, 2014. "Sraffa’s price equations in light of Garegnani and Pasinetti - The ‘core’ of surplus theories and the ‘natural’ relations of an economic system," MPRA Paper 60730, University Library of Munich, Germany.

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