IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/91728.html
   My bibliography  Save this paper

Theories of value and ultimate standards in Sraffa's notes of summer 1927

Author

Listed:
  • Fratini, Saverio M.

Abstract

The group of manuscripts titled 'Notes/London, Summer 1927/Physical real costs, etc.' (D3/12/3) is recognized as extremely important for the reconstruction of the evolution of Sraffa's thought after the articles published in 1925 and 1926. The present paper is aimed at analysing some relevant passages and ideas expressed by Sraffa in those manuscripts. We shall focus, in particular, on Sraffa's arguments about the existence of two different theories of value, with different aims: one aimed at determining the value of large aggregates of commodities, such as the national product, the necessary consumption and the social surplus, and the other aimed at determining the price of a single commodity, separately from the others. In Sraffa's view, if the values of many commodities are to be determined simultaneously, then the theory cannot dispense with an ultimate standard of value. That idea led Sraffa toward the conception (or the rediscovery) of the physical real cost.

Suggested Citation

  • Fratini, Saverio M., 2019. "Theories of value and ultimate standards in Sraffa's notes of summer 1927," MPRA Paper 91728, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:91728
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/91728/1/MPRA_paper_91728.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Saverio M Fratini, 2018. "Sraffa on the degeneration of the notion of cost [The ultimate standard of value]," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 42(3), pages 817-836.
    2. Frank A. Fetter, 1923. "Value and the Larger Economics," Journal of Political Economy, University of Chicago Press, vol. 31(5), pages 587-587.
    3. Kurz, Heinz D., 2006. "The agents of production are the commodities themselves: On the classical theory of production, distribution and value," Structural Change and Economic Dynamics, Elsevier, vol. 17(1), pages 1-26, January.
    4. Heinz Kurz & Neri Salvadori, 2005. "Representing the production and circulation of commodities in material terms: On Sraffa's objectivism," Review of Political Economy, Taylor & Francis Journals, vol. 17(3), pages 413-441.
    5. 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.
    6. 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.
    7. Naldi, Nerio, 2018. "On the Origins of Piero Sraffa’s Equations. New Evidence Following Pierangelo Garegnani’s Lead," Centro Sraffa Working Papers CSWP33, Centro di Ricerche e Documentazione "Piero Sraffa".
    8. Frank A. Fetter, 1923. "Value and the Larger Economics: Value Giving Way to Welfare," Journal of Political Economy, University of Chicago Press, vol. 31(6), pages 790-790.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Saverio M. Fratini, 2018. "Theories of Value and Ultimate Standards in Sraffa’s Notes of Summer 1927," Bulletin of Political Economy, Bulletin of Political Economy, vol. 12(1-2), pages 35-53, June.
    2. Trezzini, Attilio, 2019. "Sraffa on Marshall's Theory of Value in the Cambridge Lectures: Achievements in an Unfinished Criticism," Centro Sraffa Working Papers CSWP34, Centro di Ricerche e Documentazione "Piero Sraffa".
    3. Saverio M Fratini, 2018. "Sraffa on the degeneration of the notion of cost [The ultimate standard of value]," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 42(3), pages 817-836.
    4. 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.
    5. Lee, Frederic, 2011. "Heterodox surplus approach: production, prices, and value theory," MPRA Paper 31824, University Library of Munich, Germany.
    6. Alessandro Le Donne, 2022. "Quale Marx? A partire da una rilettura di Marx e gli economisti classici di Pierangelo Garegnani (Which Marx? A discussion from a re-reading of Marx and the classical economists by Pierangelo Garegnan," Moneta e Credito, Economia civile, vol. 75(299), pages 327-338.
    7. Naldi, Nerio, 2018. "On the Origins of Piero Sraffa’s Equations. New Evidence Following Pierangelo Garegnani’s Lead," Centro Sraffa Working Papers CSWP33, Centro di Ricerche e Documentazione "Piero Sraffa".
    8. Kurz, Heinz D. & Salvadori, Neri, 2023. "Marx's concept of “exploitation” and the problem of measurement," Journal of Economic Behavior & Organization, Elsevier, vol. 212(C), pages 887-896.
    9. Rosselli, Annalisa & Trabucchi, Paolo, 2019. "Sraffa, the ‘marginal’ method and change," Structural Change and Economic Dynamics, Elsevier, vol. 51(C), pages 334-340.
    10. Antonio D'Agata, 2021. "Normative (and objective) analysis in Sraffa's system," Metroeconomica, Wiley Blackwell, vol. 72(3), pages 635-648, July.
    11. M. Magnani, 2019. "Keynes Between the Classics and Sraffa: on the Issue of the Num raire," Working Papers wp1139, Dipartimento Scienze Economiche, Universita' di Bologna.
    12. Heinz Kurz & Neri Salvadori, 2005. "Removing an 'insuperable obstacle' in the way of an objectivist analysis: Sraffa's attempts at fixed capital," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 12(3), pages 493-523.
    13. Michel Bellet & Adrien Lutz, 2018. "Piero Sraffa and the project to publish Saint-Simon's works," Working Papers halshs-01973864, HAL.
    14. Cesaratto, Sergio, 2017. "Garegnani, Ackley and the years of high theory at Svimez," Centro Sraffa Working Papers CSWP26, Centro di Ricerche e Documentazione "Piero Sraffa".
    15. Pierangelo Garegnani, 2024. "On a Turning Point in Sraffa’s Theoretical and Interpretative Position in the Late 1920s," Springer Studies in the History of Economic Thought, in: Roberto Ciccone (ed.), Capital Theory, the Surplus Approach, and Effective Demand, pages 491-525, Springer.
    16. Pier Luigi Porta, 2013. "What remains of Sraffa's economics," Working Papers 242, University of Milano-Bicocca, Department of Economics, revised May 2013.
    17. Signorino, Rodolfo, 2011. "David Ricardo on natural and market prices," MPRA Paper 39212, University Library of Munich, Germany.
    18. Lee, Frederic & Jo, Tae-Hee, 2010. "Heterodox production and cost theory of the business enterprise," MPRA Paper 27635, University Library of Munich, Germany.
    19. Michel Bellet & Adrien Lutz, 2018. "Piero Sraffa and the project to publish Saint-Simon’s works," Working Papers 1840, Groupe d'Analyse et de Théorie Economique Lyon St-Étienne (GATE Lyon St-Étienne), Université de Lyon.
    20. Rogério Arthmar & Michael McLure, 2019. "Sraffa, Myrdal, and the 1961 Söderström Gold Medal," Scandinavian Journal of Economics, Wiley Blackwell, vol. 121(2), pages 843-853, April.

    More about this item

    Keywords

    Sraffa; Ricardo; Marshall; theory of value; physical cost;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:91728. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.