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An appraisal of Piero Sraffa's 'The Laws of Returns under Competitive Conditions'

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  • Rodolfo Signorino

Abstract

The paper proposes a new interpretation of Sraffa's 1926 Economic Journal article, 'The Laws of Returns under Competitive Conditions', according to which the latter derives from the same strategy of research which underlies its 1925 Italian precursor, 'Sulle relazioni fra costo e quantita prodotta'. Sraffa tested the explanatory power of a Marshallian monopolistic partial equilibrium model and concluded that that model is able to treat one source of variable returns (firm-internal economies); but this articulation of Marshall's theory does not substantially improve on the trade-off between logical consistency and empirical relevance which afflicted the theory in its whole.

Suggested Citation

  • Rodolfo Signorino, 2001. "An appraisal of Piero Sraffa's 'The Laws of Returns under Competitive Conditions'," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 8(2), pages 230-250.
    • Handle: RePEc:taf:eujhet:v:8:y:2001:i:2:p:230-250
    DOI: 10.1080/09672560110039308
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    References listed on IDEAS

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    1. Mongiovi, Gary, 1996. "Sraffa's Critique of Marshall: A Reassessment," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 20(2), pages 207-224, March.
    2. Heinz D. Kurz & Neri Salvadori (ed.), 1998. "The Elgar Companion to Classical Economics," Books, Edward Elgar Publishing, volume 0, number 851.
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    Cited by:

    1. Rodolfo Signorino, 2005. "Piero Sraffa's lectures on the advanced theory of value 1928-31 and the rediscovery of the classical approach," Review of Political Economy, Taylor & Francis Journals, vol. 17(3), pages 359-380.
    2. Antonella Stirati, 2013. "Sraffa's 1930 manuscripts on the representative firm and Marshall's theory of value and business profit," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(3), pages 439-465, June.

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    Keywords

    Marshall Perfect Competition Monopoly;

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