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Sraffa and the “laws of returns”: an analysis of the 1925-1926 articles

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  • José Maria Dias Pereira

Abstract

This article analyzes two texts by Sraffa published in 1925 and 1926 withcriticisms of the dominant marginalist approach, which presupposes free competition anddiminishing returns. Sraffa concluded that such a model only applies in the case of constantreturns. These two articles served as a basis for Sraffa, almost 30 years later, to formulatea devastating critic of the marginalist or subjective theory of value by proposing a modelof prices and income distribution that does not depend on the hypothesis of changes in thescale of production or in the proportion of factors. JEL Classification: D21; D24; D41.

Suggested Citation

  • José Maria Dias Pereira, 2021. "Sraffa and the “laws of returns”: an analysis of the 1925-1926 articles," Brazilian Journal of Political Economy, Center of Political Economy, vol. 41(4), pages 815-834.
    • Handle: RePEc:ekm:repojs:v:41:y:2021:i:4:p:815-834:id:2266
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    Keywords

    Sraffa; custos; preços; concorrência imperfeita;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D41 - Microeconomics - - Market Structure, Pricing, and Design - - - Perfect Competition

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