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A discussion with Vernon Smith on the Classics, Marx, and Sraffa

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  • Emiliano Brancaccio

    (Università degli studi del Sannio, Benevento, Italy)

Abstract

This paper is a revised version of a discussion with Nobel laureate Vernon Smith on the limits of neoclassical theory and on the opportunity to recover the alternative approach of classical economists and Marx. Vernon Smith is certainly right to insist on the heuristic force of the classical concept of “price discovery”. However, his interpretation of the classical theory of prices remains in many respects undetermined, unless it is clearly anchored to Sraffa.

Suggested Citation

  • Emiliano Brancaccio, 2022. "A discussion with Vernon Smith on the Classics, Marx, and Sraffa," PSL Quarterly Review, Economia civile, vol. 75(303), pages 425-431.
    • Handle: RePEc:psl:pslqrr:2022:45
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    File URL: https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/17973/16957
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    References listed on IDEAS

    as
    1. Congiu, Luca & Moscati, Ivan, 2022. "A review of nudges: definitions, justifications, effectiveness," LSE Research Online Documents on Economics 115134, London School of Economics and Political Science, LSE Library.
    2. Vernon L. Smith, 1962. "An Experimental Study of Competitive Market Behavior," Journal of Political Economy, University of Chicago Press, vol. 70(2), pages 111-111.
    3. Emiliano Brancaccio & Domenico Suppa, 2018. "The “Solvency Rule†of the Central Banker in a Monetary Scheme of Reproduction," Bulletin of Political Economy, Bulletin of Political Economy, vol. 12(1-2), pages 77-98, June.
    4. Sabiou M. Inoua & Vernon L. Smith, 2020. "Adam Smith’s Theory of Value: A Reappraisal of Classical Price Discovery," Working Papers 20-10, Chapman University, Economic Science Institute.
    5. Olivier Blanchard & Emiliano Brancaccio, 2019. "Crisis and Revolution in Economic Theory and Policy: A Debate," Review of Political Economy, Taylor & Francis Journals, vol. 31(2), pages 271-287, April.
    6. Vernon L. Smith, 1965. "Experimental Auction Markets and the Walrasian Hypothesis," Journal of Political Economy, University of Chicago Press, vol. 73(4), pages 387-387.
    7. Luca Congiu & Ivan Moscati, 2022. "A review of nudges: Definitions, justifications, effectiveness," Journal of Economic Surveys, Wiley Blackwell, vol. 36(1), pages 188-213, February.
    8. Enrico Bellino & Franklin Serrano, 2018. "Gravitation Of Market Prices Towards Normal Prices: Some New Results," Contributions to Political Economy, Cambridge Political Economy Society, vol. 37(1), pages 25-64.
    9. Emiliano Brancaccio, 2010. "On the Impossibility of Reducing the Surplus Approach to a Neoclassical 'Special Case': A Criticism of Hahn in a Solowian Context," Review of Political Economy, Taylor & Francis Journals, vol. 22(3), pages 405-418.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Vernon Smith; Neoclassical approach; Classical approach; Sraffa; price discovery; theory of prices;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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