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The Meaning of Sraffa Prices

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

Author

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  • Goddanti Omkarnath

    (University of Hyderabad)

Abstract

The chapter raises the issue of the theoretical content of the Sraffa system and whether it is a re-statement of the classical theory of value. It argues that there is no causal theory of prices in Sraffa who breaks through the classical circularity between distribution and value. As non-causal numerical relations among commodities, Sraffa prices serve to establish logical consistency between conditions of production and distribution of social surplus. They are the axis of a self-replacing economic system in historical time which holds until a new configuration of economic forces emerges. The axis is more securely derived from conditions of production rather than conditions of exchange. Together with the rate of profits, Sraffa prices provide the vital link between theories of economic structure and economic change.

Suggested Citation

  • Goddanti Omkarnath, 2021. "The Meaning of Sraffa Prices," Palgrave Studies in the History of Economic Thought, in: Ajit Sinha (ed.), A Reflection on Sraffa’s Revolution in Economic Theory, chapter 0, pages 117-133, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-030-47206-1_4
    DOI: 10.1007/978-3-030-47206-1_4
    as

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