By Ajit Sinha

ISBN-10: 3319306154

ISBN-13: 9783319306155

ISBN-10: 3319306162

ISBN-13: 9783319306162

This e-book attracts at the paintings of 1 of the sharpest minds of the 20 th century, Piero Sraffa. Ludwig Wittgenstein credited him for 'the such a lot consequential principles' of the Philosophical Investigations (1953) and placed him excessive on his brief record of geniuses. Sraffa's innovative contribution to economics was once, although, misplaced to the realm simply because economists didn't be aware of the philosophical underpinnings of his economics. according to exhaustive archival learn, Sinha offers a thrilling new thesis that indicates how Sraffa challenged the standard mode of theorizing by way of crucial and mechanical causation and, as an alternative, argued for a descriptive or geometrical concept in line with simultaneous family members. A final result of this strategy used to be a whole removing of 'agent's subjectivity' and 'marginal approach' or counterfactual reasoning from fiscal research – the 2 primary pillars of orthodox financial theory.

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Extra info for A Revolution in Economic Theory: The Economics of Piero Sraffa

Example text

He argues that, since their argument assumes a stationary state of equilibrium (including Böhm-Bawerk’s own), the prices must remain constant before and after the marginal change in capital, thus the productivity argument is sufficient to explain the difference in values of capital and the product. He, however, argues that when a system increases its period of production it simultaneously increases the wage rate and thus some of the savings that were destined for deepening or increasing the period of production of capital investment get absorbed by the rise in wages.

325). Now within Marshall’s context of ‘particular’ or partial equilibrium in a freely competitive market, it is obvious that constant cost supply functions would make the demand blade of Marshall’s scissors completely impotent in determining the price of a particular good. All demand could do is influence the quantity produced but, since cost of production was not affected by variations in quantity, its price must be determined exclusively by its cost of production. It is not clear whether Sraffa at this stage believed that the classical context of price determination (or the idea of a center of gravitation) shares Marshall’s assumption of partial equilibrium or whether it was framed in a general equilibrium context.

Now within Marshall’s context of ‘particular’ or partial equilibrium in a freely competitive market, it is obvious that constant cost supply functions would make the demand blade of Marshall’s scissors completely impotent in determining the price of a particular good. All demand could do is influence the quantity produced but, since cost of production was not affected by variations in quantity, its price must be determined exclusively by its cost of production. It is not clear whether Sraffa at this stage believed that the classical context of price determination (or the idea of a center of gravitation) shares Marshall’s assumption of partial equilibrium or whether it was framed in a general equilibrium context.

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