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This book presents a substantial collection of essays from a wide range of well respected scholars addressing several aspects of Piero Sraffa’s economics in light of continuing controversies over the interpretation that should be placed on his work. It moves beyond extant scholarship with an added emphasis on the philosophical dimension of Sraffa’s seminal work, Production of Commodities by Means of Commodities. Contributors probe new ways of thinking about the political economy of Sraffa and in doing so, alongside the comments to each contribution by other scholars, provide a cutting edge debate and discussion on non-mainstream economic theory. This book will be of interest to academics and advanced graduate students in economics, with additional interest from scholars in philosophy and the methodology of science.
This book draws on the work of one of the sharpest minds of the 20th century, Piero Sraffa. Ludwig Wittgenstein credited him for 'the most consequential ideas' of the Philosophical Investigations (1953) and put him high on his short list of geniuses. Sraffa's revolutionary contribution to economics was, however, lost to the world because economists did not pay attention to the philosophical underpinnings of his economics. Based on exhaustive archival research, Sinha presents an exciting new thesis that shows how Sraffa challenged the usual mode of theorizing in terms of essential and mechanical causation and, instead, argued for a descriptive or geometrical theory based on simultaneous relations. A consequence of this approach was a complete removal of 'agent's subjectivity' and 'marginal method' or counterfactual reasoning from economic analysis – the two fundamental pillars of orthodox economic theory.
This book presents a substantial collection of essays from a wide range of well respected scholars addressing several aspects of Piero Sraffa's economics in light of continuing controversies over the interpretation that should be placed on his work. It moves beyond extant scholarship with an added emphasis on the philosophical dimension of Sraffa's seminal work, Production of Commodities by Means of Commodities. Contributors probe new ways of thinking about the political economy of Sraffa and in doing so, alongside the comments to each contribution by other scholars, provide a cutting edge debate and discussion on non-mainstream economic theory. This book will be of interest to academics and advanced graduate students in economics, with additional interest from scholars in philosophy and the methodology of science.
Contributions to Modern Economics includes contributions to two great intellectual upheavals in economic theory: the Keynesian Revolution and the revival of the classical theory of profits led by Piero Sraffa. The formation of prices in capitalist and socialist economies and of international trade is also discussed. The evolution of these ideas is linked to the personal and historical events that influenced them. Comprised of 24 chapters, this book begins by describing the second crisis of economic theory, which is related to the first crisis — the great slump of the 1930s. The reader is then introduced to the theory of money and the analysis of output; obstacles to full employment; and the concept of hoarding. Subsequent chapters explore capital, profits, and prices, with emphasis on the theory of capital, imperfect competition, and the theory of value. International trade, capitalism, and beggar-my-neighbor remedies for unemployment are also examined. This monograph should be of interest to economists.
A wide-ranging historical account and critical analysis of the global development of economics from 1940 to the present day.
This book comes at a time when the world is confronted by one of the greatest challenges—the problem of environmental degradation. A collection of articles by renowned economists, scientists, and environmentalists, this book shows that while the state of the environment is intricately linked to economic development, the matter is in fact far more complex. One of the best-known connections is the Environmental Kuznet’s Curve hypothesis, the limitations of which, both empirically and theoretically, are dealt with in the early part of the book. This is followed by a discussion on the shortcomings of the Kyoto Protocol and the particular problem of green house gasses. The other issues covered are: the negative contribution of environmental pollution; trade liberalization and its impact on the environment of developing countries, both in the short- and long term; alternative energy sources.
This book presents a comprehensive account of more than 200 years of controversy on the classical theories of value and distribution. The author focuses on four, perhaps most critical classics — Adam Smith’s Wealth of Nations, David Ricardo’s Principles of Political Economy, Karl Marx’s Capital and Piero Sraffa’s Production of Commodities by Means of Commodities. The book highlights several significant differences in the widely celebrated theories of the four authors as it searches for the ‘classical standpoint’ that separates them from the ‘moderns’. It also challenges canonical interpretations to analyse their flaws and weaknesses, in addition to the already obvious strengths, and critically engages with the major alternative interpretations and criticisms of the theories. With a new Afterword that follows up on the debates and developments since the first edition, this book will appeal to scholars and academics of economic theory and philosophy, as well as to the general reader.
This is part of a two-volume set, the price for which is #149.95.
A century after his birth, this volume presents a re-assessment of the life and work of Piero Sraffa, one of the great economists of the twentieth century. From his anti-Marshallian articles of 1925 and 1926 to his classic work on the theory of capital, Production of Commodities by Means of Commodities, Sraffa's contribution to the study of economi
This book provides a point-by-point comparison of Sraffian and Marxian treatments of prices, profits, technological change, economic crises, environmental sustainability, and the moral case against capitalism, are presented in six core chapters. They explain how the Sraffian treatment surpasses the Marxian treatment in every case. Large professional literatures are thoroughly referenced throughout, with both Marxian and Sraffian theories presented in a highly accessible way. This book is of great importance to those who study Sraffa and Marx, as well as academics and students who are interested in political economy, history of economic thought and economic theory and philosophy.