Critical Essays on Piero Sraffa's Legacy in Economics

A critical assessment of Sraffa's published works and their legacy for the economics profession.

Heinz D. Kurz (Edited by)

9780521081641, Cambridge University Press

Paperback / softback, published 18 September 2008

480 pages, 27 b/w illus. 5 tables
22.9 x 15.2 x 2.7 cm, 0.7 kg

Review of the hardback: '… this is a very fine collection of essays. It will most certainly be of great value to historians of economic thought. In addition, for those interested in the technical details of the theory of capital, the book has much to offer.' Economic Systems Research

This collection offers a critical assessment of the published works of Piero Sraffa, one of the leading economists of the twentieth century, and their legacy for the economics profession. The topics covered explore Sraffa's interpretation of the classical economists; his theory of value and distribution; his critique of partial and general neoclassical equilibrium theory; his focus on the problem of capital; and his critique of Hayek's monetary overinvestment theory of the business cycle. Specific issues investigated include intertemporal general equilibrium theory and the capital problem; the probability of reswitching; Ricardo, Malthus, and the corn model; and the meaning and implication of the capital controversy. Among the contributors are many of the world's leading students of Sraffian economics, including Nobel Laureate Paul Samuelson, Christian Bidard, Edwin Burmeister, John Eatwell, Pierangelo Garegnani, Samuel Hollander, Heinz Kurz, Lynn Mainwaring, Neri Salvadori, Bertram Schefold and Ian Steedman.

Part I. Introduction: 1. Piero Sraffa's contributions to economics: a brief survey Heinz D. Kurz
2. Revisionist findings on Sraffa Paul A. Samuelson
2a. Comment by John Eatwell
2b. Comment by Pierangelo Garegnani
2c. Comment by Bertram Schefold
2d. Reply by Paul A. Samuelson
Part II. Returns to Scale, Demand, Money and Interest and the Classical Tradition: 3. Sraffa's hits and misses Paul A. Samuelson
3a. Comment by Heinz D. Kurz and Neri Salvadori
3b. Reply by Paul A. Samuelson
4. Sraffa on demand: a textual analysis Neri Salvadori
5. Malthus and the corn-profit model Samuel Hollander
5a. Comment by Pierangelo Garegnani
5b. A rejoinder by Samuel Hollander
6. The Hayek-Keynes-Sraffa controversy reconsidered Heinz D. Kurz
7. The capital theory controversy Edwin Burmeister
8. Wicksell and Douglas on distribution and marginal productivity theory Christian Bidard
9. On the probability of reswitching and capital reversing in a two-sector Sraffian model Lynn Mainwaring and Ian Steedman
9a. Comment by Neri Salvadori
9b. Comment by Christian Bidard and Lucette Carter
Part IV. Intertemporal Equilibrium Theory and the Problem of Capital: 10. Paradoxes of capital and counterintuitive changes of distribution in an intertemporal equilibrium model Bertram Schefold
11. Savings, investment, and capital in a system of general intertemporal equilibrium Pierangelo Garegnani.

Subject Areas: Economic theory & philosophy [KCA]