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On a current characterization of the classical theory of value

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  • Fabio Ravagnani

Abstract

The paper discusses the widespread opinion according to which the classical determination of relative prices would be closely connected to the study of the conditions allowing for the ""reproduction"" of the economy. It is argued that this view obscures the generality of Sraffa's contribution, and furthermore that it does not provide a solid criterion for distinguishing the classical from the marginalist approach to the theory of value.

Suggested Citation

  • Fabio Ravagnani, 1999. "On a current characterization of the classical theory of value," Working Papers in Public Economics 39, Department of Economics and Law, Sapienza University of Roma.
    • Handle: RePEc:sap:wpaper:wp39
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    References listed on IDEAS

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    1. Heinz D. Kurz & Neri Salvadori (ed.), 1998. "The Elgar Companion to Classical Economics," Books, Edward Elgar Publishing, volume 0, number 851.
    2. Ravagnani, Fabio, 1998. "Growth, Returns to Scale and the Classical Theory of Value and Distribution: Review Article," Contributions to Political Economy, Cambridge Political Economy Society, vol. 17(0), pages 69-77.
    3. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676, September.
    4. Pierangelo Garegnani, 2024. "Value and Distribution in the Classical Economists and Marx," Springer Studies in the History of Economic Thought, in: Roberto Ciccone (ed.), Capital Theory, the Surplus Approach, and Effective Demand, pages 305-340, Springer.
    5. Garegnani, Pierangelo, 1984. "Piero Sraffa," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 8(1), pages 1-2, March.
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    Cited by:

    1. Sergio Cesaratto, 2019. "Heterodox economics and Economic Anthropology: reflections prompted by two books," Department of Economics University of Siena 807, Department of Economics, University of Siena.

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    More about this item

    Keywords

    Classical theory; Normal prices; Reproduction.;
    All these keywords.

    JEL classification:

    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian

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