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By Enrico Sergio Levrero, Antonella Palumbo and Antonella Stirati Eds.

ISBN-10: 0230355307

ISBN-13: 9780230355309

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Extra info for Sraffa and the Reconstruction of Economic Theory: Volume Three: Sraffa's Legacy: Interpretations and Historical Perspectives

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It might therefore appear that a complementary long-period treatment of activity levels and growth along effective demand lines should proceed also in terms of normal utilisation rates. But is this necessary, or desirable, or even logically possible? Between the Sraffa-Keynes synthesis and Post-Keynesian economics, the multiplier-mechanism element of Keynes’s Principle is essentially uncontroversial, I think. It is the treatment of autonomous demands which remains something of an open question.

Furthermore, to the extent that mark-ups are reducible to target rates of return – in turn determined by competitive rates of profit plus spreads reflecting limits to free competition – the resulting theory of distribution is rendered effectively equivalent to Sraffa’s system with differential profit rates. Two other unorthodox approaches to distribution worth noting are the ‘Cambridge growth equation’ causation, from the rate of accumulation to the general rate of profit, and the possibility of directly determining real wages by reference to the balance of bargaining power around the labour contract.

2010) ‘Public debt sustainability and alternative theories of interest’, Cambridge Journal of Economics, 34: 433–47. Barba, A. and Pivetti, M. (2009) ‘Rising household debt: its causes and macroeconomic implications – a long-period analysis’, Cambridge Journal of Economics, 33: 113–37. Ciccone, R. (1986) ‘Accumulation and capacity utilization: some critical considerations on Joan Robinson’s theory of distribution’, Political Economy: Studies in the Surplus Approach, 2: 17–36. Clifton, J. A. (1977) ‘Competition and the evolution of the capitalist mode of production’, Cambridge Journal of Economics, 1: 137–51.

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Sraffa and the Reconstruction of Economic Theory: Volume Three: Sraffa's Legacy: Interpretations and Historical Perspectives by Enrico Sergio Levrero, Antonella Palumbo and Antonella Stirati Eds.


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