Sraffa's early contribution to competitive price theory
In this paper, Sraffa's 1925 contribution to competitive price theory is reconsidered. It is argued that Sraffa's 1925 framework of analysis is a 'general' equilibrium model of the supply side of the economy with many Ricardian features. It is suggested that Samuelson's 1959 Ricardian model and 1971 Marshallian specific-factors model may help re-analyse Sraffa's 1925 work along the lines outlined above. It is also contended that the elements of continuity between Sraffa's early work and Production of Commodities are more pronounced than commonly believed.
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Volume (Year): 8 (2001)
Issue (Month): 3 ()
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References listed on IDEAS
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- Panico, Carlo, 1991. "Some Notes on Marshallian Supply Functions," Economic Journal, Royal Economic Society, vol. 101(406), pages 557-569, May.
- Xavier Vives, 1987. "Small Income Effects: A Marshallian Theory of Consumer Surplus and Downward Sloping Demand," Review of Economic Studies, Oxford University Press, vol. 54(1), pages 87-103.
- Garegnani, Pierangelo, 1984. "Value and Distribution in the Classical Economists and Marx," Oxford Economic Papers, Oxford University Press, vol. 36(2), pages 291-325, June.
- Mongiovi, Gary, 1996. "Sraffa's Critique of Marshall: A Reassessment," Cambridge Journal of Economics, Oxford University Press, vol. 20(2), pages 207-224, March.
- John S. Chipman, 1970. "External Economies of Scale and Competitive Equilibrium," The Quarterly Journal of Economics, Oxford University Press, vol. 84(3), pages 347-385.
- Steedman, Ian, 1988. "Sraffian Interdependence and Partial Equilibrium Analysis," Cambridge Journal of Economics, Oxford University Press, vol. 12(1), pages 85-95, March.
- Maneschi, Andrea, 1986. "A Comparative Evaluation of Sraffa's 'The Laws of Returns under Competitive Conditions' and Its Italian Precursor," Cambridge Journal of Economics, Oxford University Press, vol. 10(1), pages 1-12, March.
- Samuelson, Paul A., 1975. "Trade pattern reversals in time-phased Ricardian systems and intertemporal efficiency," Journal of International Economics, Elsevier, vol. 5(4), pages 309-363, November.
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