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On the Ricardian Invariable Measure of Value in General Convex Economies: Applicability of the Standard Commodity

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  • Kurose, Kazuhiro
  • Yoshihara, Naoki

Abstract

The purpose of this paper is to examine the critical arguments made by Burmeister, Samuelson, and others, with respect to Sraffa (1960). Sraffa did not address these arguments, but they are relevant from the viewpoint of modern economic theories. In his arguments about the standard commodity, Sraffa assumed that a change in income distribution has no effect on the output level and choice of techniques. However, modern economic theories allow interdependence among changes in income distribution, output level, and choice of techniques. Therefore, it is interesting to consider the existence of an invariable measure of value and linearity of income distribution in a model where such interdependence is discussed. We assume general convex economies with non-increasing returns to scale. In this model, we obtain the conditions under which the existence of an invariable measure of value and the validity of the linearity of income distribution are assured.

Suggested Citation

  • Kurose, Kazuhiro & Yoshihara, Naoki, 2013. "On the Ricardian Invariable Measure of Value in General Convex Economies: Applicability of the Standard Commodity," Discussion Paper Series 597, Institute of Economic Research, Hitotsubashi University.
  • Handle: RePEc:hit:hituec:597
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    References listed on IDEAS

    as
    1. Samuelson, Paul A. & Etula, Erkko M., 2006. "Testing to confirm that Leontief-Sraffa matrix equations for input/output must obey constancy of returns to scale," Economics Letters, Elsevier, vol. 90(2), pages 183-188, February.
    2. Harcourt,G. C., 1972. "Some Cambridge Controversies in the Theory of Capital," Cambridge Books, Cambridge University Press, number 9780521096720.
    3. Burmeister,Edwin, 1980. "Capital Theory and Dynamics," Cambridge Books, Cambridge University Press, number 9780521297035.
    4. Fujimoto, T., 1979. "Nonlinear generalization of the Frobenius theorem : A symmetric approach," Journal of Mathematical Economics, Elsevier, vol. 6(1), pages 17-21, March.
    5. Fujimoto, T., 1980. "Addendum to nonlinear generalization of the frobenius theorem," Journal of Mathematical Economics, Elsevier, vol. 7(2), pages 213-214, July.
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    Keywords

    Ricardo'痴 invariable measure of value; Sraffa'痴 standard commodity; General convex economies; Linear relation of income distribution;

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • D30 - Microeconomics - - Distribution - - - General
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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