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Sraffa’s Contributions to the Methodology of Economics

Author

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  • Ajit Sinha

    (Professor, Azim Premji University, Bangalore.)

Abstract

This article highlights some of Sraffa’s main contributions to the methodology of economics. It argues that Sraffa rejected counterfactual reasoning and hence the ‘marginal method’ of analysis. Sraffa’s theory is built solely on factual and objective information and hence it removes psychology from economics as well. Sraffa’s theory shows that considerations of demand and the condition of equilibrium of demand and supply are irrelevant to a logical theory of prices. The article goes on to show how Sraffa’s novel approach to economic theory was able to expose the logical errors of ‘marginal method’ in the Austrian and Neo-classical theories of distribution. Finally, it also raises some questions for Sraffa’s theory that need to be resolved.JEL: B2, B3, B4, B5

Suggested Citation

  • Ajit Sinha, 2015. "Sraffa’s Contributions to the Methodology of Economics," Journal of Interdisciplinary Economics, , vol. 27(1), pages 33-48, January.
    • Handle: RePEc:sae:jinter:v:27:y:2015:i:1:p:33-48
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    More about this item

    Keywords

    Methodology; Sraffa; counterfactual reasoning; marginal method; equilibrium;
    All these keywords.

    JEL classification:

    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches

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