Demystifying Sraffa’s Theory of Value in the Light of Arrow and Debreu

Demystifying Sraffa’s Theory of Value in the Light of Arrow and Debreu

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 mo...

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Bibliographic Details
Published in:MAGKS - Joint Discussion Paper Series in Economics (Band 50-2011)
Main Author: Naqvi, Nadeem
Format: Article
Language:English
Published: 2011
Subjects:
capital
constant returns to scale
exchange values
relations of production
income distribution
theory of value
Wirtschaft
general equilibrium
prices
marginal product
counterfactual information
Economics
Online Access:PDF Full Text
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Description
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.
Physical Description:22 Pages
ISSN:1867-3678
DOI:10.17192/es2024.0301

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