Dokument
| Titel: | Demystifying Sraffa’s Theory of Value in the Light of Arrow and Debreu |
| Autor: | Naqvi, Nadeem |
| Veröffentlicht: | 2011 |
| URI: | https://archiv.ub.uni-marburg.de/es/2024/0301 |
| DOI: | https://doi.org/10.17192/es2024.0301 |
| ISSN: | 1867-3678 |
| DDC: | 330 Wirtschaft |
| Publikationsdatum: | 2024-01-12 |
| Lizenz: | https://creativecommons.org/publicdomain/mark/1.0 |
| Schlagwörter: |
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| prices, constant returns to scale, counterfactual information, capital, relations of production, general equilibrium, theory of value, marginal product, income distribution, exchange values |
Summary:
concludes that (1) the models are informationally distinct conceptions of a capitalist economy, (2) they support radically distinct – though complete and entirely correct – theories of value, (3) the prices in the two theories are different both in terms of definitions and values, (4) in Sraffa‘s model it is impossible to define constant returns to scale, while in Arrow-Debreu this property is admissible, and (5) in Arrow-Debreu the interpersonal income distribution is determined whereas in Srafa‘s model the distribution of income between workers and capitalists is undetermined.
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