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From Ricardo to Sraffa: Gold as Monetary Standard in a Classical Theory of Money

In: New Perspectives on Political Economy and Its History

Author

Listed:
  • Carlo Benetti

    (Université Paris-Nanterre, EconomiX)

  • Jean Cartelier

    (Université Paris-Nanterre, EconomiX)

Abstract

This chapter inquires into what could or should be a Classical theory of money and prices sixty years after Sraffa’s Production of Commodities by Means of Commodities’ publication. It takes as granted three basic propositions: (i) Sraffa’s system of prices is relevant for determining Classical natural prices; (ii) a monetary standard (gold) is central to a Classical theory of money; (iii) Cantillon-Smith rule is pivotal to Classical market prices determination. The authors contend that: (i) the coexistence of a natural price and a legal price of gold is a necessary condition for a Classical theory of money; (ii) the market price of gold cannot be different from its legal price (no arbitrage); and (iii) the regulation of the quantity of money remains an open question.

Suggested Citation

  • Carlo Benetti & Jean Cartelier, 2020. "From Ricardo to Sraffa: Gold as Monetary Standard in a Classical Theory of Money," Palgrave Studies in the History of Economic Thought, in: Maria Cristina Marcuzzo & Ghislain Deleplace & Paolo Paesani (ed.), New Perspectives on Political Economy and Its History, chapter 0, pages 241-257, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-030-42925-6_12
    DOI: 10.1007/978-3-030-42925-6_12
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