Faculty of Economics and Business Administration Publications Database

Kapitaltheorie: vom Transformationsproblem und der Kritik an der Neoklassik zur Rekonstruktion der Politischen Ökonomie

Volume: 30
Number: 2
Pages: 177 - 188
Link External Source: Online Version
Year: 1979
Abstract: This paper concerns with the significance of Piero Sraffa''s work for economic theory and its reception by different economic schools. Marxist reactions to Sraffa''s challenge regarding his solution to the transformation problem and the relevance of ''Production of Commodities by Means of Commodities'' to general equilibrium economics and to pragmatic Keynesian theories are discussed. It is shown that Sraffa''s pure theory can be related to modern versions of full cost pricing and that it implies an interpretation of the competitive process which is different from the neoclassical. Finally, ''open'' and ''closed'' theories are contrasted and it is argued that the transition from theory to history is essential only in the former. Sraffa''s theory is open mainly with respect to distribution and the determination of the ''socially necessary'' technique.