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Sraffa, Keynes and 'The Years of High Theory'

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  • Matias Vernengo

Abstract

This paper argues that Shackle's interpretation of 'the years of high theory' is flawed. Shackle (1967) sees Sraffa's critique of the Marshallian theory of value only as a step in the development of the theory of imperfect competition. In the same vein, Shackle reduces the message of Keynes's General Theory to the claim that unemployment results from the existence of uncertainty and irrational expectations. Thus, Shackle leaves open the possibility that both Sraffa's critique of Marshall and Keynes's theory of effective demand do not question the internal coherence of neoclassical theory, but instead merely assert that market imperfections render it irrelevant for the analysis of the real world. This paper argues, in contrast, that the theories of Sraffa and Keynes should be interpreted as radical departures from marginalism, and represent a return to the surplus approach of classical political economy.

Suggested Citation

  • Matias Vernengo, 2001. "Sraffa, Keynes and 'The Years of High Theory'," Review of Political Economy, Taylor & Francis Journals, vol. 13(3), pages 343-354.
    • Handle: RePEc:taf:revpoe:v:13:y:2001:i:3:p:343-354
    DOI: 10.1080/09538250120055186
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    References listed on IDEAS

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    1. Mongiovi, Gary, 1996. "Sraffa's Critique of Marshall: A Reassessment," Cambridge Journal of Economics, Oxford University Press, vol. 20(2), pages 207-224, March.
    2. Milgate, Murray, 1977. "Keynes on the 'Classical' Theory of Interest," Cambridge Journal of Economics, Oxford University Press, vol. 1(3), pages 307-315, September.
    3. Fernando Carvalho, 1983. "On the Concept of Time in Shacklean and Sraffian Economics," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 6(2), pages 265-280, December.
    4. Murray Milgate, 1983. "Keynes And Pigou On The Gold Standard And Monetary Theory," Contributions to Political Economy, Oxford University Press, vol. 2(1), pages 39-48.
    5. Panico, Carlo, 1988. "Sraffa on Money and Banking," Cambridge Journal of Economics, Oxford University Press, vol. 12(1), pages 7-28, March.
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    Cited by:

    1. Alcino F. Camara-Neto & Matías Vernengo, 2012. "Keynes after Sraffa and Kaldor: Effective Demand, Accumulation and Productivity Growth," Chapters, in: Thomas Cate (ed.), Keynes’s General Theory, chapter 10, Edward Elgar Publishing.
    2. Matias Vernengo, 2022. "Oltre l'economia eterodossa volgare: una nota sull'eredita' di Pierangelo Garegnani (1930-2011) (Beyond vulgar heterodox economics: a note on the legacy of Pierangelo Garegnani (1930-2011))," Moneta e Credito, Economia civile, vol. 75(299), pages 339-351.

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