Economics Dictionary of ArgumentsHome
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| Income: In economics, income is defined as the total monetary or material benefits that accrue to an economic entity due to the provision of production factors. Factors of production are labor, capital and land. Income can be divided into gross or net income, nominal or real income, individual or household income or national income. See also Labor, Income tax._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Piero Sraffa on Income - Dictionary of Arguments
Kurz I 151 Income/Sraffa/James Mill/Kurz: Sraffa saw that, several differences notwithstanding, the contributions of Smith, Ricardo, Marx, and many other authors exhibited a similar orientation and analytical structure and sought to explain all shares of income other than wages in terms of the surplus product within a circular flow framework of the analysis. In Sraffa's interpretation, physical real cost held the key to the classical approach to the problem of value. He saw this view corroborated in the writings of numerous authors. A particularly clear expression of it had been given by James Mill ([1821] 1826(1), 165), Who had insisted that, in the last instance, "the agents of production are the commodities themselves They are the food of the labourer, the tools and the machinery with which he works, and the raw materials which he works upon." Or, as Sraffa stressed toward the end of 1927, "the sort of 'costs' which determines values is the collection of material things used up in production" (D3/12/7: 106)(2). And, "the fundamental force is physical real cost," which, however, is "seen only in general equilibrium" (D3/12/42: 46)(2). The reference to "general equilibrium" was close at hand, because with the "Production of Commodities by Commodities," as Sraffa for a considerable time intended to title the book he was in the process of composing, echoing Mill's dictum above, the determination of values involved solving a set of simultaneous equations. 1. James Mill. 1821. The History of British India in 6 vols. (3rd edition) (London: Baldwin, Cradock, and Joy, 1826). 2. Taken from the work Sraffa carried out in the period 1927–1931 (unpublished papers). Kurz, Heinz D. „Keynes, Sraffa, and the latter’s “secret skepticism“. In: Kurz, Heinz; Salvadori, Neri 2015. Revisiting Classical Economics: Studies in Long-Period Analysis (Routledge Studies in the History of Economics). London, UK: Routledge._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Sraffa I Piero Sraffa Production of Commodities by Means of Commodities. Prelude to a Critique of Economic Theory (Cambridge: Cambridge University Press). Cambridge 1960 Kurz I Heinz D. Kurz Neri Salvadori Revisiting Classical Economics: Studies in Long-Period Analysis (Routledge Studies in the History of Economics). Routledge. London 2015 |
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