Marx, Sraffa and Classical Price Theory
Bibliographic Data
| ID | 11697357 |
|---|---|
| Authors | Anwar Shaikh (0000-0001-7225-1712, New School for Social Research , New York, corresponding author) |
| Year | 2022 |
| Volume | 41 |
| Issue | 1 |
| Pages | 58-76 |
| Publication date | 2022-05-03 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Contributions to Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0277-5921 • E-ISSN: 1464-3588 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1093/cpe/bzac007 |
| OpenAlex | W4229010875 |
| Language | EN |
| References cited | 29 |
Five major propositions in classical price theory are discussed. First, Marx explicitly follows Smith’s analytical starting point to show that prices differ from labor values not because of competition or capitalist relations (wages and profits), but only when the latter interact with intersectoral capital–labor differences. Second, Okishio, Morishima and others long ago demonstrated that Marx’s transformation procedure was an iterative process, and Marx himself refers to a ‘standard’ industry immune to this process. Third, Sraffa correctly argues, in favor of Marx, that empirical economic aggregates are essentially the same in prices and values. Fourth, as matrix size increases the subdominant eigenvalues of IO matrices approach a smooth limiting curve, so contrary to Bródy, the first step in any price or quantity iterative process (such as Marx’s) does not become increasingly exact. Finally, Sraffa prices in large US matrices are overwhelmingly simple and extremely well approximated by Bienenfeld’s quadratic form
Capital (architecture · Economics · Mathematical economics · Neoclassical economics · Prices of production · Quadratic equation · Simple (philosophy · Economic theories and models · Economic Theory and Policy · Mathematics · Political Economy and Marxism · Philosophy
Capitalism
Marx in the Light of Modern Economic Theory
Price–value deviations
Capital Theory up to Date
Values, prices of production and market prices
Theories of Value and Distribution since Adam Smith
Prices, Profits and Rhythms of Accumulation
The Production Function and the Theory of Capital
Lectures on the Theory of Production
Laws of Production and Laws of Algebra
The Sraffian schools
Bienenfeld's Approximation of Production Prices and Eigenvalue Distribution
On the Significance of Recent Controversies on Capital Theory
Mathematical Economics
Sraffa on von Bortkiewicz
Retrospectives Whatever Happened to the Cambridge Capital Theory Controversies
| Highly cited | No |
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