Sraffa and the Labour Theory of Value - a note
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. Three 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. Appendix II 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. The third appendix regards a numerical example of changes in technical progress and its effects on distribution of income. There is also a fourth appendix on the inclusion of rent and interest in Sraffa's price system. This is revised version of the original paper written few years ago.
|Date of creation:||01 Aug 2015|
|Date of revision:||31 Jul 2015|
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- F. Seton, 1957. "The "Transformation Problem"," Review of Economic Studies, Oxford University Press, vol. 24(3), pages 149-160.
- 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.
- 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.
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