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Theories of Value and Ultimate Standards in Sraffa’s Notes of Summer 1927

Author

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  • Saverio M. Fratini

    (Roma Tre University)

Abstract

The group of manuscripts titled ‘Notes/London, Summer 1927/Physical real costs, etc.’ (D3/12/3) is recognized as extremely important for the reconstruction of the evolution of Sraffa’s thought after the articles published in 1925 and 1926. The present paper is aimed at analysing some relevant passages and ideas expressed by Sraffa in those manuscripts. We shall focus, in particular, on Sraffa’s arguments about the existence of two different theories of value, with different aims: one aimed at determining the value of large aggregates of commodities, such as the national product, the necessary consumption and the social surplus, and the other aimed at determining the price of a single commodity, separately from the others. In Sraffa’s view, if the values of many commodities are to be determined simultaneously, then the theory cannot dispense with an ultimate standard of value. That idea led Sraffa toward the conception (or the rediscovery) of the physical real cost.

Suggested Citation

  • Saverio M. Fratini, 2018. "Theories of Value and Ultimate Standards in Sraffa’s Notes of Summer 1927," Bulletin of Political Economy, Bulletin of Political Economy, vol. 12(1-2), pages 35-53, June.
    • Handle: RePEc:awu:journl:v:12:y:2018:i:1-2:p:35-53
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    References listed on IDEAS

    as
    1. Saverio M Fratini, 2018. "Sraffa on the degeneration of the notion of cost [The ultimate standard of value]," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 42(3), pages 817-836.
    2. Frank A. Fetter, 1923. "Value and the Larger Economics," Journal of Political Economy, University of Chicago Press, vol. 31(5), pages 587-587.
    3. Heinz Kurz & Neri Salvadori, 2005. "Representing the production and circulation of commodities in material terms: On Sraffa's objectivism," Review of Political Economy, Taylor & Francis Journals, vol. 17(3), pages 413-441.
    4. Naldi, Nerio, 2018. "On the Origins of Piero Sraffa’s Equations. New Evidence Following Pierangelo Garegnani’s Lead," Centro Sraffa Working Papers CSWP33, Centro di Ricerche e Documentazione "Piero Sraffa".
    5. Kurz, Heinz D., 2006. "The agents of production are the commodities themselves: On the classical theory of production, distribution and value," Structural Change and Economic Dynamics, Elsevier, vol. 17(1), pages 1-26, January.
    6. Frank A. Fetter, 1923. "Value and the Larger Economics: Value Giving Way to Welfare," Journal of Political Economy, University of Chicago Press, vol. 31(6), pages 790-790.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Sraffa; Ricardo; Marshall; theory of value; physical cost;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory

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