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Theories of value and ultimate standards in Sraffa's notes of summer 1927

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  • Fratini, Saverio M.

Abstract

The group of manuscripts titled 'Notes/London, Summer 1927/Physical real costs, etc.' (D3/12/3) is recognized as extremely important for the reconstruction of the evolution of Sraffa's thought after the articles published in 1925 and 1926. The present paper is aimed at analysing some relevant passages and ideas expressed by Sraffa in those manuscripts. We shall focus, in particular, on Sraffa's arguments about the existence of two different theories of value, with different aims: one aimed at determining the value of large aggregates of commodities, such as the national product, the necessary consumption and the social surplus, and the other aimed at determining the price of a single commodity, separately from the others. In Sraffa's view, if the values of many commodities are to be determined simultaneously, then the theory cannot dispense with an ultimate standard of value. That idea led Sraffa toward the conception (or the rediscovery) of the physical real cost.

Suggested Citation

  • Fratini, Saverio M., 2019. "Theories of value and ultimate standards in Sraffa's notes of summer 1927," MPRA Paper 91728, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:91728
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    References listed on IDEAS

    as
    1. Saverio M Fratini, 2018. "Sraffa on the degeneration of the notion of cost [The ultimate standard of value]," Cambridge Journal of Economics, Oxford University Press, vol. 42(3), pages 817-836.
    2. Frank A. Fetter, 1923. "Value and the Larger Economics," Journal of Political Economy, University of Chicago Press, vol. 31, pages 587-587.
    3. Kurz, Heinz D., 2006. "The agents of production are the commodities themselves: On the classical theory of production, distribution and value," Structural Change and Economic Dynamics, Elsevier, vol. 17(1), pages 1-26, January.
    4. Rodolfo Signorino, 2005. "Piero Sraffa's lectures on the advanced theory of value 1928-31 and the rediscovery of the classical approach," Review of Political Economy, Taylor & Francis Journals, vol. 17(3), pages 359-380.
    5. Heinz Kurz & Neri Salvadori, 2005. "Representing the production and circulation of commodities in material terms: On Sraffa's objectivism," Review of Political Economy, Taylor & Francis Journals, vol. 17(3), pages 413-441.
    6. Attilio Trezzini, 2018. "Piero Sraffa’s Use of the History of Economic Thought in the Cambridge Lectures," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 4(1), pages 189-209, March.
    7. Frank A. Fetter, 1923. "Value and the Larger Economics: Value Giving Way to Welfare," Journal of Political Economy, University of Chicago Press, vol. 31, pages 790-790.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Sraffa; Ricardo; Marshall; theory of value; physical cost;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory

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