IDEAS home Printed from https://ideas.repec.org/a/ekm/repojs/v39y2019i4p614-637id77.html
   My bibliography  Save this article

Sraffa and the Labour Theory of Value: a note

Author

Listed:
  • Fabio Anderaos de Araújo

Abstract

The author seeks to demonstrate that the price system proposed by Piero Sraffa in his major work Production of Commodities by means of Commodities – Prelude to a Critique of Economic Theory is compatible with both David Ricardo and Karl Marx ´s labour embodied theory of value and with Adam Smith’s labour-commanded theory of value. In reality, Sraffa’s measure of prices, the Standard Commodity, satisfies rigorously the mathematical condition of invariability in relation to income distribution between wages and profits. In this sense, it offers a consistent solution to the transformation problem of embodied labour values into production prices. Besides, the Standard ratio or the maximum rate of profits R can be used to analyse the evolution of the three major types or forms of technical progress in a capitalist economy, as follows: labour-using, neutral and capital-using techniques. JEL Classification: B12; B51.

Suggested Citation

  • Fabio Anderaos de Araújo, 2019. "Sraffa and the Labour Theory of Value: a note," Brazilian Journal of Political Economy, Center of Political Economy, vol. 39(4), pages 614-637.
    • Handle: RePEc:ekm:repojs:v:39:y:2019:i:4:p:614-637:id:77
    as

    Download full text from publisher

    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/77/70
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    Labour values; prices; income distribution; classical and Marxian economic theories; standard commodity; technical progress; rent; interest rate;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ekm:repojs:v:39:y:2019:i:4:p:614-637:id:77. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Brazilian Journal of Political Economy (Brazil) (email available below). General contact details of provider: https://centrodeeconomiapolitica.org/repojs/index.php/journal/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.