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Sraffa and von Neumann

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  • Heinz Kurz
  • Neri Salvadori

Abstract

This paper discusses the relationship between Piero Sraffa's 1960 book and John von Neumann's 1937 paper on economic growth in the light of some of the material contained in Sraffa's unpublished papers and correspondence. It is argued that the two contributions share a similar outlook and exhibit conceptual parallels; in fact, they can both be said to belong to the 'classical' approach to the theory of value and distribution. The latter is characterized, among other things, by an asymmetric treatment of the distributive variables, the rate of return on capital and the real wage rate. Sraffa's papers show that when he came across the von Neumann model in the mid-1940s his own analysis was already quite advanced, including his analysis of joint production. The paper also contains an exchange of letters between John Richard Hicks and Sraffa on some of the issues dealt with in the latter's book.

Suggested Citation

  • Heinz Kurz & Neri Salvadori, 2001. "Sraffa and von Neumann," Review of Political Economy, Taylor & Francis Journals, vol. 13(2), pages 161-180.
    • Handle: RePEc:taf:revpoe:v:13:y:2001:i:2:p:161-180
    DOI: 10.1080/09538250120036628
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    References listed on IDEAS

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    1. Steedman, Ian, 1976. "Positive Profits with Negative Surplus Value: A Reply to Wolfstetter," Economic Journal, Royal Economic Society, vol. 86(344), pages 873-876, December.
    2. Schefold, Bertram, 1980. "Von Neumann and Sraffa: Mathematical Equivalence and Conceptual Difference," Economic Journal, Royal Economic Society, vol. 90(357), pages 140-156, March.
    3. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676.
    4. Steedman, Ian, 1976. "Positive Profits with Negative Surplus Value: A Reply," Economic Journal, Royal Economic Society, vol. 86(343), pages 604-608, September.
    5. Salvadori, Neri, 1985. "Switching in Methods of Production and Joint Production," The Manchester School of Economic & Social Studies, University of Manchester, vol. 53(2), pages 156-178, June.
    6. D. G. Champernowne, 1945. "A Note on J. v. Neumann's Article on "A Model of Economic Equilibrium"," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 13(1), pages 10-18.
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    Cited by:

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    2. PARYS, Wilfried, 2018. "Labour values and energy values," Working Papers 2018006, University of Antwerp, Faculty of Business and Economics.
    3. George Soklis, 2009. "The Conversion of the Supply and Use Tables to Symmetric Input-Output Tables: A Critical Review," Bulletin of Political Economy, Bulletin of Political Economy, vol. 3(1), pages 51-70, June.
    4. Schilirò, Daniele, 2011. "Mutamenti strutturali: modelli, metodi e principi in una nuova prospettiva [Structural changes: models, methods and principles towards a new perspective]," MPRA Paper 31566, University Library of Munich, Germany.
    5. Daniele SCHILIR, 2012. "Structural Change And Models Of Structural Analysis Theories Principles And Methods," Journal of Advanced Research in Law and Economics, ASERS Publishing, vol. 3(2), pages 31-49.
    6. Frank Beckenbach, 2020. "A value-theoretic approach to economic dynamics and evolution—synthesizing different Marxian modules in a simulation model," Review of Evolutionary Political Economy, Springer, vol. 1(1), pages 103-135, May.
    7. Li, Wu, 2010. "A Study on Dynamic General Equilibrium under the Classical Growth Framework," MPRA Paper 25540, University Library of Munich, Germany.
    8. Schilirò, Daniele, 2009. "Structural models and structural change: analytical principles and methodological issues," MPRA Paper 24480, University Library of Munich, Germany.
    9. Amiya Kumar Bagchi, 2019. "Piero Sraffa: Making a Revolution in Economic Theory," Journal of Interdisciplinary Economics, , vol. 31(2), pages 217-234, July.
    10. Soklis, George, 2011. "Wage-profit curves of the Finnish economy: evidence from the supply and use tables," MPRA Paper 30183, University Library of Munich, Germany.

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