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Sraffa and the Labour Theory of Value - a note

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  • Anderaos de Araujo, Fabio

Abstract

An analysis of the invariable measure of prices proposed by the eminent Italian economist Piero Sraffa, who laid the foundations for a new approach in modern economics. Two mathematical appendices are also provided. The first one shows step by step the construction of the Standard Commodity, which is a consistent solution to the transformation of labour values into prices of production. In Appendix II there is a general numerical example of a price system with two industries which makes the understanding of the distribution of income between wages and profits easier. Using a software spreadsheet, for example, it is possible to make numerical simulations and make comparisons between the results obtained from the Sraffa price system with that obtained from Marx's. This is revised version of the original paper written few years ago.

Suggested Citation

  • Anderaos de Araujo, Fabio, 2015. "Sraffa and the Labour Theory of Value - a note," MPRA Paper 65557, University Library of Munich, Germany, revised 12 Jul 2015.
  • Handle: RePEc:pra:mprapa:65557
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    File URL: https://mpra.ub.uni-muenchen.de/65557/1/MPRA_paper_65557.pdf
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    References listed on IDEAS

    as
    1. F. Seton, 1957. "The "Transformation Problem"," Review of Economic Studies, Oxford University Press, vol. 24(3), pages 149-160.
    2. Garegnani, Pierangelo, 1984. "Value and Distribution in the Classical Economists and Marx," Oxford Economic Papers, Oxford University Press, vol. 36(2), pages 291-325, June.
    3. Marcuzzo, Maria Cristina, 2012. "Speculation and regulation in commodity markets: The Keynesian approach in theory and practice," MPRA Paper 44131, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Sraffa; Standard Commodity; labour values; income distribution;

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)

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