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Sraffa, Money and Distribution

In: A Reflection on Sraffa’s Revolution in Economic Theory

Author

Listed:
  • Ragupathy Venkatachalam

    (University of London; New Cross)

  • Stefano Zambelli

    (University of Trento; via Inama)

Abstract

Sraffa’s early work on monetary Economics, his contributions to the theory of capital and his critique of neoclassical tenets are often seen as disjoint contributions. In contrast, we suggest that Sraffa’s contributions have to be viewed as a coherent whole and offer a classification of his scholarly contributions. We point to the unifying thread between his early and later work, which concerns the insufficiency of economic mechanisms or market forces to exclusively determine values (prices, profit rates and wage rates). Their simultaneous determination and consequently the overall indeterminacy of the system are important. We outline the motivations for incorporating money (in the form of credit and debt) inside the traditional Sraffian schemes, to expand the original system and harness its potential. We believe that there is both a need and scope for incorporating deferred means of payments, which are essential for the functioning of any evolved economic system.

Suggested Citation

  • Ragupathy Venkatachalam & Stefano Zambelli, 2021. "Sraffa, Money and Distribution," Palgrave Studies in the History of Economic Thought, in: Ajit Sinha (ed.), A Reflection on Sraffa’s Revolution in Economic Theory, chapter 0, pages 455-497, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-030-47206-1_15
    DOI: 10.1007/978-3-030-47206-1_15
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    Cited by:

    1. Venkatachalam, Ragupathy & Zambelli, Stefano, 2022. "Self-replacing prices with credit and debt," Structural Change and Economic Dynamics, Elsevier, vol. 60(C), pages 451-466.

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