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Sraffa and Imperfect Competition

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  • Newman, Peter
  • Vassilakis, Spyros

Abstract

This brief article examines the contributions of Piero Sraffa to th e theory of imperfect competition, in the light of the approach to imperfect competition taken by modern general equilibrium theorists. For the latter, perfect competition is a state of affairs that comprises optimizing agents, complete markets, nonstrategic behavior, and market clearing. It is argued that, from this perspective, the most important contribution of Sraffa was his proposition (in effect) that perfect competition, so defined, is compatible only wit h the simultaneous presence of constant returns and absence of external effects. Copyright 1988 by Oxford University Press.

Suggested Citation

  • Newman, Peter & Vassilakis, Spyros, 1988. "Sraffa and Imperfect Competition," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 12(1), pages 37-42, March.
    • Handle: RePEc:oup:cambje:v:12:y:1988:i:1:p:37-42
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    Cited by:

    1. Rodolfo Signorino, 2000. "Method and analysis in Piero Sraffa's 1925 critique of Marshallian economics," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 7(4), pages 569-594.

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