Economics Dictionary of ArgumentsHome
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Piero Sraffa on Marshall, Alfred - Dictionary of Arguments
Kurz I 104 Alfred Marshall/SraffaVsMarshall/SraffaVsKeynes/Sraffa/Kurz: [While Sraffa ciritizied Marshall], Keynes and with him most Cambridge economists clung to Marshallian concepts, making use, in particular, of the Marshallian demand-and-supply apparatus. Seen from Sraffa’s point of view, this meant that their analyses were flawed. A careful scrutiny would invariably bring the flaws into the open. As regards Keynes’s contributions, Sraffa’s criticism concerned especially the following: 1. The idea expressed in the Treatise(1) that the price level of consumption goods and that of investment goods can be considered as determined independently of one another, and the related idea that the price level of the latter is determined exclusively by the propensity of the public to “hoard” money. 2. The “marginal efficiency of capital” schedule in the General Theory, which carried over the concept of a given order of fertility of different qualities of land to the ordering of investment projects. 3. The view that the banking system can control the money supply and that therefore the quantity of money in the system can be considered exogenous. 4. The argument put forward by Keynes to substantiate his view that the liquidity preference of the public prevents the money rate of interest from falling to a level compatible with a volume of investment equal to full employment savings. >Alfred Marshall, >Demand, >Supply. Kurz I 105 While Keynes focused on the problem of money and output as a whole, Sraffa focused on the problem of value and distribution. >Value, >Distribution/Sraffa, >Distribution/Leontief. 1. Piero Sraffa: The Man and the Scholar, London: Routledge. Marcuzzo, C. (2002). “The Collaboration between J. M. Keynes and R. F. Kahn from the Treatise to the General Theory,” History of Political Economy, 34:2, 421-447. 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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