Essays on Piero Sraffa: Critical Perspectives on the Revival of Classical Theory

579 Pages·1990·111.656 MB·English

by  Krishna Bharadwaj, Bertram Schefold

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ROUTLEDGE LIBRARY EDITIONS:
THE HISTORY OF ECONOMIC THOUGHT
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ESSAYS ON PIERO SRAFFA
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1 Critical Perspectives on the Revival of
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Firstpublishedin1990byUnwinHymanLtd
Thiseditionfirstpublishedin2017
byRoutledge
2ParkSquare,MiltonPark,Abingdon,OxonOX144RN
andbyRoutledge
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RoutledgeisanimprintoftheTaylor&FrancisGroup,aninformabusiness
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1 ©1990KrishnaBharadwajandBertramSchefold
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2 Allrightsreserved.Nopartofthisbookmaybereprintedorreproducedorutilised
h inanyformorbyanyelectronic,mechanical,orothermeans,nowknownor
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r hereafterinvented,includingphotocopyingandrecording,orinanyinformation
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M storageorretrievalsystem,withoutpermissioninwritingfromthepublishers.
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1 0 trademarks,andareusedonlyforidentificationandexplanationwithoutintentto
3 infringe.
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2 BritishLibraryCataloguinginPublicationData
t AcataloguerecordforthisbookisavailablefromtheBritishLibrary
a
]
o ISBN:978-1-138-29250-5(Set)
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e ISBN:978-1-315-23288-1(Set)(ebk)
Di ISBN:978-1-138-23010-1(Volume1)(hbk)
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a, PTuhbelipsuhberli’sshNerotheasgonetogreatlengthstoensurethequalityofthisreprintbut
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ESSAYS ON
PIERO SRAFFA
7 Critical Perspectives on
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London
UNWIN HYMAN
Boston Sydney Wellington
© Krishna Bharadwaj and Bertram Schefold, 1990
This book is copyright under the Berne Convention. No reproduction
without permission. All rights reserved.
Published by the Academic Division of
Unwin Hyman Ltd
15/17 Broadwick Street, London W1 V 1FP, UK
7
1 Unwin Hyman Inc.,
0 8 Winchester Place, Winchester, Mass. 01890, USA
2
h
c Allen & Unwin (Australia) Ltd,
r 8 Napier Street, North Sydney, NSW 2060, Australia
a
M
3 Allen & Unwin (New Zealand) Ltd in association with the Port
0 Nicholson Press Ltd,
1 Compusales Building, 75 Ghuznee Street, Wellington,
3 New Zealand
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2
at First published in 1990
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a British Library Cataloguing in Publication Data
S
a, Ethsesoayrys. on Piero Sraffa: critical perspectives on the revival of classical
i
n 1. Economics. Theories of Sraffa, Piero, 1898-1983
or I. Bharadwaj, Krishna II. Schefold, Bertram
f 330.15'5
i
l
a
C ISBN 0-04-445254-3
f
o
y Library of Congress Cataloging in Publication Data
it Essays on Piero Sraffa.
s
r Bibliography: p.
e
v Includes index.
ni 1. Sraffa, Piero-Congresses. 2. Classical school of economics-
U Congresses. I. Sraffa, Piero.
y [ II. Bharadwaj, Krishna. III. Schefold, Bertram, 1943-
b HB109,S73E87 1989 330.15 88-27998
d ISBN 0-04-445254-3 (alk. paper)
e
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Typeset in 10 on 11 point Sa bon by Phoenix Photosetting, Chatham
and printed in Great Britain by the University Press, Cambridge
Contents
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1
20 Preface page IX
h
c
r PART I
a
M
3 1 Sraffa's Critique of the Marshallian Theory of Prices Paolo
0 Sylos Labini 3
1 Comments Peter Groenewegen 20
3
: Fausto Vicarelli 25
3
2 Reply 31
t
a
] 2 Reflections on Marx and Sraffa Suzanne de Brunhoff 32
o Comments Ian Steedman 40
g
e Giancarlo de Vivo 42
i
D Reply 50
n
a 3 Sraffa's Return to Classical Theory Krishna Bharadwaj 53
S
a, Comments Richard Arena 81
i Athanasios Asimakopulos 85
n
r Harvey Gram 86
o
if Reply 91
l
a
C 4 Ricardo and Sraffa John R. Hicks 99
of Comments Christian Bidard 103
y Fernando Vianello 107
t
i
rs 5 Sraffa: Classical versus Marginalist Analysis Pierangelo
e
v Garegnani 112
i
n Comments Geoffrey Harcourt 141
U
Alessandro Roncaglia 144
[
y Reply 148
b
d 6 The Sraffa Model, Constant Returns to Scale and Empirical
e
d Implications Larry Levine 159
a
o Comment Fabio Petri 171
l
n
w 7 On Changes in the Composition of Output Bertram Schefold 178
o Comments Edwin Burmeister 203
D
Neri Salvadori 212
Stefano Zamagni 215
Reply 220
8 Sraffa's Circular Process and the Concept of Vertical
Integration Luigi L. Pasinetti 229
Vl ESSAYS ON PIERO SRAFFA
Appendix: Growing (or hyper-) subsystems and vertically
hyper-integrated sectors 239
Comments Donald]. Harris 250
Stephen A. Marglin 253
Reply 258
PART II
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1 9 Revisionist Findings on Sraffa Paul A. Samuelson 263
0
2 Comments John Eatwell 280
ch Pierangelo Garegnani 283
ar Bertram Schefold 301
M
Reply 317
3
0 10 Keynes and Sraffa: Visions and Perspectives Athanasios
1 Asimakopulos 331
3
: Comments Pierangelo Garegnani 345
3
2 Edward Nell 352
t
a Reply 358
]
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g 11 Sraffa and Keynes: Effective Demand in the Long Run
ie Hyman P. Minsky 362
D
Reply 369
n
a
S
a, PART III
i
n
or Round Table 1: Accumulation, Effective Demand and
if Distribution 375
l
a
C 12 Sraffa: Measurement and Aggregation JosefSteindl 377
of Comment Heinz D. Kurz 391
y Reply 394
t
i
s
r 13 Accumulation, Distribution and the 'Keynesian Hypothesis'
e
v Heinz D. Kurz 396
i
n Comments Roberto Ciccone 413
U
[ ]osefSteindl 415
y
b 14 Accumulation and Capacity Utilization: Some Critical
d Considerations on Joan Robinson's Theory of
e
d Distribution Roberto Ciccone 417
a
o Comment JosefSteindl 429
l
n Reply 430
w
o
D 15 On the Monetary Explanation of Distribution Massimo Pivetti 432
Comments Roberto Ciccone 454
]osefSteindl 456
Reply 458
Comment Luigi L. Pasinetti 460
Reply 462
CONTENTS vu
Round Table 2: Development and Policy 465
16 Some Remarks on the Relevance of Sraffa's Analysis for
Economic Policy· Alessandro Roncaglia 467
17 Trade, Growth and the Pattern of Specialization Jaime Ros 479
18 The IMF View of International Economic Policy and the
Relevance of Sraffa's Critique of Economic Theory Amiya
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1 K. Bagchi 494
0
2
h 19 Clearing the Path for 'Production of Commodities by Means of
c
r Commodities': Notes on the Collaboration of Maurice Dobb
a
M in Piero Sraffa's Edition of the 'Works and Correspondence
3 of David Ricardo' Brian H. Pollitt 516
0
1 Bibliography 529
3
:
3 Index 557
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