On the Sraffa-Leontief Model
In this paper we consider the matrix forms of the Sraffa-Leontief income distribution model introduced by Steenge (1995, 1997). We will explore the equivalence between these matrix forms and the set of simpler models, including the Sraffian condition of linear relations between the rate of profits r and wage rate w*. Further, we will evaluate the condition that the price vector p and the commodities vector x are the left-hand and the right-hand eigenvectors of the matrix A of direct inputs and that these vectors are the fixed points of the Sraffian standard commodities-standard prices matrix. We will then explore links between the Sraffa-Leontief system and the multiplier product matrix (MPM) for the matrix A to consider new insights generated through visualization with the help an artificial economic landscape. Furthermore, the connections between MPM and the Sraffian standard commodities-standard prices matrix and their minimal information properties are proven.
References listed on IDEAS
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- Sonis, Michael & Hewings, Geoffrey,J.D., 1999. "Economic Landscapes: Multiplier Product Matrix Analysis for Multiregional Input-outoput Systems," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 40(1), pages 59-74, June.
- Albert Steenge, 1995. "Sraffa and Goodwin: A unifying framework for standards of value in the income distribution problem," Journal of Economics, Springer, vol. 62(1), pages 55-75, February.
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