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The Legacy of Piero Sraffa
It is generally acknowledged that Piero Sraffa was one of the most original and important economic theorists of the twentieth century. The significance of Sraffa’s contributions lies in the fact that he elaborated an alternative to the marginalist theory of value and distribution rooted in the analyses of the classical political economists from Adam Smith to David Ricardo.
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Critical Acclaim
Contributors
Contents
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It is generally acknowledged that Piero Sraffa was one of the most original and important economic theorists of the twentieth century. The significance of Sraffa’s contributions lies in the fact that he elaborated an alternative to the marginalist theory of value and distribution rooted in the analyses of the classical political economists from Adam Smith to David Ricardo.
This authoritative collection explores Piero Sraffa’s contributions to economics. The volumes cover the discussions around Sraffa’s criticism of the Marshallian partial equilibrium method; his attack on Hayek’s monetary overinvestment theory of the business cycle; his edition of Ricardo’s works and correspondence and his clarification of the analytical structure of the classical theory of value and distribution; his reformulation of the classical theory; and the role of his work in the debates about the theory of capital and income distribution.
This authoritative collection explores Piero Sraffa’s contributions to economics. The volumes cover the discussions around Sraffa’s criticism of the Marshallian partial equilibrium method; his attack on Hayek’s monetary overinvestment theory of the business cycle; his edition of Ricardo’s works and correspondence and his clarification of the analytical structure of the classical theory of value and distribution; his reformulation of the classical theory; and the role of his work in the debates about the theory of capital and income distribution.
Critical Acclaim
‘This is a welcome addition to the literature on Sraffa. It brings together a large number of important papers by distinguished researchers representing an influential and widely shared interpretation of his work. It will be of great use to scholars who are closely familiar with Sraffa and to those who are not. The collection is likely to generate increased interest in Sraffa and add to the high level of expectation and anticipation directed toward the eventual publication of Sraffa’s unpublished papers.’
– David R. Andrews, Journal of the History of Economic Thought
‘. . . this is a very fine collection of papers, which should be of great interest to every economist who is interested in the history and future of economic theory. . . this reference collection will make a very valuable addition to your research library.’
– Christian Gehrke, Economic Systems Research
– David R. Andrews, Journal of the History of Economic Thought
‘. . . this is a very fine collection of papers, which should be of great interest to every economist who is interested in the history and future of economic theory. . . this reference collection will make a very valuable addition to your research library.’
– Christian Gehrke, Economic Systems Research
Contributors
75 articles, dating from 1922 to 2001
Contributors include: K. Bharadwaj, M. Blaug, P. Garegnani, F. Hahn, G.C. Harcourt, P. Newman, C. Panico, L.L. Pasinetti, J. Robinson, A. Roncaglia, P.A. Samuelson, B. Schefold, I. Steedman
Contributors include: K. Bharadwaj, M. Blaug, P. Garegnani, F. Hahn, G.C. Harcourt, P. Newman, C. Panico, L.L. Pasinetti, J. Robinson, A. Roncaglia, P.A. Samuelson, B. Schefold, I. Steedman
Contents
Contents:
Volume I
Acknowledgements
Introduction Heinz D. Kurz and Neri Salvadori
PART I CRITIQUE OF MARSHALL’S THEORY OF VALUE
1. Piero Sraffa ([1925] 1998), ‘On the Relations between Cost and Quantity Produced’
2. Piero Sraffa (1926), ‘The Laws of Returns under Competitive Conditions’
3. A.C. Pigou (1928), ‘An Analysis of Supply’
4. Peter Newman (1960), ‘The Erosion of Marshall’s Theory of Value’ and ‘Comment’
5. Krishna Bharadwaj (1978), ‘The Subversion of Classical Analysis: Alfred Marshall’s Early Writing on Value’
6. Peter Newman and Spyros Vassilakis (1988), ‘Sraffa and Imperfect Competition’
7. Ian Steedman (1988), ‘Sraffian Interdependence and Partial Equilibrium Analysis’
8. Carlo Panico (1991), ‘Some Notes on Marshallian Supply Functions’
9. Paul A. Samuelson (1991), ‘Sraffa’s Other Leg’
10. Alessandro Roncaglia (1991), ‘Sraffa’s 1925 Article and Marshall Theory’
11. Carlo Panico and Neri Salvadori (1994), ‘Sraffa, Marshall and the Problem of Returns’
12. Gary Mongiovi (1996), ‘Sraffa’s Critique of Marshall: A Reassessment’
13. Giuseppe Freni (2001), ‘Sraffa’s Early Contribution to Competitive Price Theory’
14. Rodolfo Signorino (2000), ‘Method and Analysis in Piero Sraffa’s 1925 Critique of Marshallian Economics’
15. Rodolfo Signorino (2001), ‘An Appraisal of Piero Sraffa’s "The Laws of Returns under Competitive Conditions"’
PART II MONEY AND BANKING
16. Marcello de Cecco (1993), ‘Piero Sraffa’s "Monetary Inflation in Italy During and After the War": An Introduction’
17. Piero Sraffa ([1920] 1993), ‘Monetary Inflation in Italy During and After the War’
18. Piero Sraffa (1922), ‘The Bank Crisis in Italy’
19. Carlo Panico (1988), ‘Sraffa on Money and Banking’
PART III KEYNES, THE CIRCUS AND THE CONTROVERSY WITH HAYEK
20. Ludwig M. Lachmann (1986), ‘Austrian Economics Under Fire: The Hayek-Sraffa Duel in Retrospect’
21. Michael Syron Lawlor and Bobbie L. Horn (1992), ‘Notes on the Sraffa-Hayek Exchange’
22. Heinz D. Kurz (2000), ‘The Hayek-Keynes-Sraffa Controversy Reconsidered’
23. Maria Cristina Marcuzzo (2001), ‘Sraffa and Cambridge Economics, 1928–1931’
24. Marco Dardi (2001), ‘Why Did Sraffa Lose Interest in Imperfect Competition? A Comment on Marcuzzo’
25. Fabio Ranchetti (2001), ‘On the Relationship between Sraffa and Keynes’
PART IV THE RICARDO EDITION
26. Piero Sraffa (1951), ‘"Mr. -----" of the Bullion Report’
27. Brian H. Pollitt (1988), ‘The Collaboration of Maurice Dobb in Sraffa’s Edition of Ricardo’
28. George J. Stigler (1953), ‘Sraffa’s Ricardo’
29. Luigi L. Pasinetti (1960), ‘A Mathematical Formulation of the Ricardian System’
30. Paul A. Samuelson (1978), ‘The Canonical Classical Model of Political Economy’
31. Samuel Hollander (1973), ‘Ricardo’s Analysis of the Profit Rate, 1813–15’
32. P. Garegnani (1982), ‘On Hollander’s Interpretation of Ricardo’s Early Theory of Profits’
33. R. Prendergast (1986), ‘Malthus’s Discussion of the Corn Ratio Theory of Profits’
34. Giancarlo de Vivo (1985), ‘Robert Torrens and Ricardo’s "Corn-Ratio" Theory of Profits’
35. Giancarlo de Vivo (1996), ‘Ricardo, Torrens, and Sraffa: A Summing Up’
36. Pier Luigi Porta (1992), ‘Piero Sraffa, «Superb Editor»’
37. Annalisa Rosselli (2001), ‘Sraffa’s Edition of Ricardo’s Works: Reconstruction of a Reconstruction’
38. Mark Blaug (1999), ‘Misunderstanding Classical Economics: The Sraffian Interpretation of the Surplus Approach’
Name Index
Volume II
Acknowledgements
An introduction by the editors to both volumes appears in Volume I
PART I PRODUCTION OF COMMODITIES BY MEANS OF COMMODITIES: REVIEWS
1. R.F. Harrod (1961), ‘Review of Production of Commodities by Means of Commodities. Prelude to a Critique of Economic Theory. By P. Sraffa’
2. Piero Sraffa (1962), ‘Production of Commodities: A Comment’
3. P. Sraffa and Peter Newman (1970), Appendix to K. Bharadwaj, ‘On the Maximum Number of Switches Between Two Production Systems’
4. Ronald L. Meek (1961), ‘Mr Sraffa’s Rehabilitation of Classical Economics’
5. Joan Robinson (1961), ‘Prelude to a Critique of Economic Theory’
6. Krishna R. Bharadwaj (1963), ‘Value Through Exogenous Distribution’
7. Maurice Dobb (1970), ‘The Sraffa System and Critique of the Neo-Classical Theory of Distribution’
PART II PRODUCTION OF COMMODITIES BY MEANS OF COMMODITIES: AN ASSESSMENT
8. Luigi L. Pasinetti ([1985] 1998), ‘Piero Sraffa: An Italian Economist at Cambridge’
9. Bertram Schefold (1985), ‘Cambridge Price Theory: Special Model or General Theory of Value?’
10. Paul A. Samuelson (1990), ‘Revisionist Findings on Sraffa’
11. John Eatwell (1990), ‘Comment’
12. Pierangelo Garegnani (1990), ‘Comment’
13. Bertram Schefold (1990), ‘Comment’
14. Paul A. Samuelson (1990), ‘Reply’
15. Alessandro Roncaglia (2001), ‘Production of Commodities by Means of Commodities between Criticism and Reconstruction: The Given Quantities Assumption’
16. Pierangelo Garegnani (1988), ‘Capital and Effective Demand’
PART III PRODUCTION OF COMMODITIES BY MEANS OF COMMODITIES: SPECIFIC ASPECTS
17. Philippe Mongin ([1979] 2003), ‘On the Ricardian Problem of an "Invariable Standard of Value"’
18. Heinz D. Kurz and Neri Salvadori (1993), ‘The "Standard Commodity" and Ricardo’s Search for an "Invariable Measure of Value"’
19. Takahiro Miyao (1977), ‘A Generalization of Sraffa’s Standard Commodity and Its Complete Characterization’
20. Christian Bidard and Neri Salvadori (1995), ‘Duality between Prices and Techniques’
21. Christian Bidard (1998), ‘Laws on Long-term Prices’
22. Luigi L. Pasinetti (1986), ‘Sraffa’s Circular Process and the Concept of Vertical Integration’
23. Neri Salvadori and Ian Steedman (1988), ‘Joint Production Analysis in a Sraffian Framework’
24. Alberto Quadrio-Curzio (1980), ‘Rent, Income Distribution, and Orders of Efficiency and Rentability’
PART IV PRODUCTION OF COMMODITIES BY MEANS OF COMMODITIES AND THE CAPITAL CONTROVERSY
25. Heinz D. Kurz (1985), ‘Sraffa’s Contribution to the Debate in Capital Theory’
26. G.C. Harcourt ([1969] 1986), ‘Some Cambridge Controversies in the Theory of Capital’
27. Pierangelo Garegnani (1976), ‘On a Change in the Notion of Equilibrium in Recent Work on Value and Distribution: A Comment on Samuelson’
28. Ian Steedman and J.S. Metcalfe (1977), ‘Reswitching, Primary Inputs and the Heckscher-Ohlin-Samuelson Theory of Trade’
29. Heinz D. Kurz and Neri Salvadori (1998), ‘Reverse Capital Deepening and the Numeraire: A Note’
30. J. Eatwell ([1987] 1998), ‘Walras’s Theory of Capital’
31. Frank Hahn (1982), ‘The Neo-Ricardians’
32. G. Duménil and D. Lévy (1985), ‘The Classicals and the Neoclassicals: A Rejoinder to Frank Hahn’
33. Pierangelo Garegnani (1990), ‘Sraffa: Classical versus Marginalist Analysis’
34. Fabio Petri (1999), ‘Professor Hahn on the "Neo-Ricardian" Criticism of Neoclassical Economics’
PART V ON SRAFFA’S UNPUBLISHED PAPERS
35. P. Garegnani ([1998] 2003), ‘On Piero Sraffa’s Manuscripts’
36. Jonathan Smith (1998), ‘An Archivist’s Apology: The Papers of Piero Sraffa at Trinity College, Cambridge’
37. Heinz D. Kurz (1998), ‘Against the Current: Sraffa’s Unpublished Manuscripts and the History of Economic Thought’
Name Index
Volume I
Acknowledgements
Introduction Heinz D. Kurz and Neri Salvadori
PART I CRITIQUE OF MARSHALL’S THEORY OF VALUE
1. Piero Sraffa ([1925] 1998), ‘On the Relations between Cost and Quantity Produced’
2. Piero Sraffa (1926), ‘The Laws of Returns under Competitive Conditions’
3. A.C. Pigou (1928), ‘An Analysis of Supply’
4. Peter Newman (1960), ‘The Erosion of Marshall’s Theory of Value’ and ‘Comment’
5. Krishna Bharadwaj (1978), ‘The Subversion of Classical Analysis: Alfred Marshall’s Early Writing on Value’
6. Peter Newman and Spyros Vassilakis (1988), ‘Sraffa and Imperfect Competition’
7. Ian Steedman (1988), ‘Sraffian Interdependence and Partial Equilibrium Analysis’
8. Carlo Panico (1991), ‘Some Notes on Marshallian Supply Functions’
9. Paul A. Samuelson (1991), ‘Sraffa’s Other Leg’
10. Alessandro Roncaglia (1991), ‘Sraffa’s 1925 Article and Marshall Theory’
11. Carlo Panico and Neri Salvadori (1994), ‘Sraffa, Marshall and the Problem of Returns’
12. Gary Mongiovi (1996), ‘Sraffa’s Critique of Marshall: A Reassessment’
13. Giuseppe Freni (2001), ‘Sraffa’s Early Contribution to Competitive Price Theory’
14. Rodolfo Signorino (2000), ‘Method and Analysis in Piero Sraffa’s 1925 Critique of Marshallian Economics’
15. Rodolfo Signorino (2001), ‘An Appraisal of Piero Sraffa’s "The Laws of Returns under Competitive Conditions"’
PART II MONEY AND BANKING
16. Marcello de Cecco (1993), ‘Piero Sraffa’s "Monetary Inflation in Italy During and After the War": An Introduction’
17. Piero Sraffa ([1920] 1993), ‘Monetary Inflation in Italy During and After the War’
18. Piero Sraffa (1922), ‘The Bank Crisis in Italy’
19. Carlo Panico (1988), ‘Sraffa on Money and Banking’
PART III KEYNES, THE CIRCUS AND THE CONTROVERSY WITH HAYEK
20. Ludwig M. Lachmann (1986), ‘Austrian Economics Under Fire: The Hayek-Sraffa Duel in Retrospect’
21. Michael Syron Lawlor and Bobbie L. Horn (1992), ‘Notes on the Sraffa-Hayek Exchange’
22. Heinz D. Kurz (2000), ‘The Hayek-Keynes-Sraffa Controversy Reconsidered’
23. Maria Cristina Marcuzzo (2001), ‘Sraffa and Cambridge Economics, 1928–1931’
24. Marco Dardi (2001), ‘Why Did Sraffa Lose Interest in Imperfect Competition? A Comment on Marcuzzo’
25. Fabio Ranchetti (2001), ‘On the Relationship between Sraffa and Keynes’
PART IV THE RICARDO EDITION
26. Piero Sraffa (1951), ‘"Mr. -----" of the Bullion Report’
27. Brian H. Pollitt (1988), ‘The Collaboration of Maurice Dobb in Sraffa’s Edition of Ricardo’
28. George J. Stigler (1953), ‘Sraffa’s Ricardo’
29. Luigi L. Pasinetti (1960), ‘A Mathematical Formulation of the Ricardian System’
30. Paul A. Samuelson (1978), ‘The Canonical Classical Model of Political Economy’
31. Samuel Hollander (1973), ‘Ricardo’s Analysis of the Profit Rate, 1813–15’
32. P. Garegnani (1982), ‘On Hollander’s Interpretation of Ricardo’s Early Theory of Profits’
33. R. Prendergast (1986), ‘Malthus’s Discussion of the Corn Ratio Theory of Profits’
34. Giancarlo de Vivo (1985), ‘Robert Torrens and Ricardo’s "Corn-Ratio" Theory of Profits’
35. Giancarlo de Vivo (1996), ‘Ricardo, Torrens, and Sraffa: A Summing Up’
36. Pier Luigi Porta (1992), ‘Piero Sraffa, «Superb Editor»’
37. Annalisa Rosselli (2001), ‘Sraffa’s Edition of Ricardo’s Works: Reconstruction of a Reconstruction’
38. Mark Blaug (1999), ‘Misunderstanding Classical Economics: The Sraffian Interpretation of the Surplus Approach’
Name Index
Volume II
Acknowledgements
An introduction by the editors to both volumes appears in Volume I
PART I PRODUCTION OF COMMODITIES BY MEANS OF COMMODITIES: REVIEWS
1. R.F. Harrod (1961), ‘Review of Production of Commodities by Means of Commodities. Prelude to a Critique of Economic Theory. By P. Sraffa’
2. Piero Sraffa (1962), ‘Production of Commodities: A Comment’
3. P. Sraffa and Peter Newman (1970), Appendix to K. Bharadwaj, ‘On the Maximum Number of Switches Between Two Production Systems’
4. Ronald L. Meek (1961), ‘Mr Sraffa’s Rehabilitation of Classical Economics’
5. Joan Robinson (1961), ‘Prelude to a Critique of Economic Theory’
6. Krishna R. Bharadwaj (1963), ‘Value Through Exogenous Distribution’
7. Maurice Dobb (1970), ‘The Sraffa System and Critique of the Neo-Classical Theory of Distribution’
PART II PRODUCTION OF COMMODITIES BY MEANS OF COMMODITIES: AN ASSESSMENT
8. Luigi L. Pasinetti ([1985] 1998), ‘Piero Sraffa: An Italian Economist at Cambridge’
9. Bertram Schefold (1985), ‘Cambridge Price Theory: Special Model or General Theory of Value?’
10. Paul A. Samuelson (1990), ‘Revisionist Findings on Sraffa’
11. John Eatwell (1990), ‘Comment’
12. Pierangelo Garegnani (1990), ‘Comment’
13. Bertram Schefold (1990), ‘Comment’
14. Paul A. Samuelson (1990), ‘Reply’
15. Alessandro Roncaglia (2001), ‘Production of Commodities by Means of Commodities between Criticism and Reconstruction: The Given Quantities Assumption’
16. Pierangelo Garegnani (1988), ‘Capital and Effective Demand’
PART III PRODUCTION OF COMMODITIES BY MEANS OF COMMODITIES: SPECIFIC ASPECTS
17. Philippe Mongin ([1979] 2003), ‘On the Ricardian Problem of an "Invariable Standard of Value"’
18. Heinz D. Kurz and Neri Salvadori (1993), ‘The "Standard Commodity" and Ricardo’s Search for an "Invariable Measure of Value"’
19. Takahiro Miyao (1977), ‘A Generalization of Sraffa’s Standard Commodity and Its Complete Characterization’
20. Christian Bidard and Neri Salvadori (1995), ‘Duality between Prices and Techniques’
21. Christian Bidard (1998), ‘Laws on Long-term Prices’
22. Luigi L. Pasinetti (1986), ‘Sraffa’s Circular Process and the Concept of Vertical Integration’
23. Neri Salvadori and Ian Steedman (1988), ‘Joint Production Analysis in a Sraffian Framework’
24. Alberto Quadrio-Curzio (1980), ‘Rent, Income Distribution, and Orders of Efficiency and Rentability’
PART IV PRODUCTION OF COMMODITIES BY MEANS OF COMMODITIES AND THE CAPITAL CONTROVERSY
25. Heinz D. Kurz (1985), ‘Sraffa’s Contribution to the Debate in Capital Theory’
26. G.C. Harcourt ([1969] 1986), ‘Some Cambridge Controversies in the Theory of Capital’
27. Pierangelo Garegnani (1976), ‘On a Change in the Notion of Equilibrium in Recent Work on Value and Distribution: A Comment on Samuelson’
28. Ian Steedman and J.S. Metcalfe (1977), ‘Reswitching, Primary Inputs and the Heckscher-Ohlin-Samuelson Theory of Trade’
29. Heinz D. Kurz and Neri Salvadori (1998), ‘Reverse Capital Deepening and the Numeraire: A Note’
30. J. Eatwell ([1987] 1998), ‘Walras’s Theory of Capital’
31. Frank Hahn (1982), ‘The Neo-Ricardians’
32. G. Duménil and D. Lévy (1985), ‘The Classicals and the Neoclassicals: A Rejoinder to Frank Hahn’
33. Pierangelo Garegnani (1990), ‘Sraffa: Classical versus Marginalist Analysis’
34. Fabio Petri (1999), ‘Professor Hahn on the "Neo-Ricardian" Criticism of Neoclassical Economics’
PART V ON SRAFFA’S UNPUBLISHED PAPERS
35. P. Garegnani ([1998] 2003), ‘On Piero Sraffa’s Manuscripts’
36. Jonathan Smith (1998), ‘An Archivist’s Apology: The Papers of Piero Sraffa at Trinity College, Cambridge’
37. Heinz D. Kurz (1998), ‘Against the Current: Sraffa’s Unpublished Manuscripts and the History of Economic Thought’
Name Index