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The equations unveiled: Sraffa's price equations in the making

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  • Giorgio Gilibert

Abstract

In the first part of Production of Commodities by Means of Commodities , four equation systems are introduced: three are drawn up in order to solve the problem of relative prices; the last one is devised to define a suitable standard of prices. The book was published in 1960, but--as we are told in the preface--its 'central propositions' and a first version of the price equations had been originally conceived and written more than 30 years before, when the author was still in his twenties. Having access now to the Sraffa Papers, preserved in the Wren Library, we can ascertain the intellectual origin of the equations. In this paper the analytical path that led to the final draft of the price equation is followed, step by step, and the link between these equations and Sraffa's quest for an 'invariable standard of value' is clarified. Copyright 2003, Oxford University Press.

Suggested Citation

  • Giorgio Gilibert, 2003. "The equations unveiled: Sraffa's price equations in the making," Contributions to Political Economy, Cambridge Political Economy Society, vol. 22(1), pages 27-40, November.
    • Handle: RePEc:oup:copoec:v:22:y:2003:i:1:p:27-40
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    Cited by:

    1. Scott Carter, 2018. "On the Hijacking of the Intellectual and Archival Legacy of Piero Sraffa: A Comment on Ajit Sinha (2016)—A Revolution in Economic Theory: The Economics of Piero Sraffa," Bulletin of Political Economy, Bulletin of Political Economy, vol. 12(1-2), pages 3-34, June.
    2. Venkatachalam, Ragupathy & Zambelli, Stefano, 2022. "Self-replacing prices with credit and debt," Structural Change and Economic Dynamics, Elsevier, vol. 60(C), pages 451-466.
    3. Attilio Trezzini, 2018. "Piero Sraffa’s Use of the History of Economic Thought in the Cambridge Lectures," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 4(1), pages 189-209, March.
    4. Enrico Sergio Levrero, 2017. "Towards a New Understanding of Sraffa," Review of Political Economy, Taylor & Francis Journals, vol. 29(2), pages 329-335, April.

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