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From Sraffa: Backwards, To A Better Understanding Of Marx’S Values/Prices “Transformation”; And Forward, To A Novel View Of Growing Economic Systems

Author

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  • Luigi L. Pasinetti
  • Nadia Garbellini

Abstract

The type of analysis carried out on the Sraffa system allows us to present a general version of the much-discussed problem of the “transformation of values into prices of production,” which Marx sets out in Volume III of Das Kapital. Moreover, the present contribution aims at showing how the introduction of “Keynesian” income distribution theory within a multisectoral framework—along the lines of Pasinetti (1962a, 1981, 1988)—allows one to reformulate a perfectly general theory of value in such a way as to uncover the properties of the labour values in terms of the long-run growth of the economic system.

Suggested Citation

  • Luigi L. Pasinetti & Nadia Garbellini, 2015. "From Sraffa: Backwards, To A Better Understanding Of Marx’S Values/Prices “Transformation”; And Forward, To A Novel View Of Growing Economic Systems," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 69, pages 73-96.
    • Handle: RePEc:cpo:journl:y:2015:i:69:p:73-96
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    Cited by:

    1. Yoann Verger, 2018. "First steps for a Sraffian ecological economics. An answer to Martins' “The Classical Circular Economy, Sraffian Ecological Economics and the Capabilities Approach”," Working Papers hal-01700228, HAL.
    2. Garbellini, Nadia, 2021. "International trade as a process of choice of technique," Structural Change and Economic Dynamics, Elsevier, vol. 59(C), pages 42-50.

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