By Guglielmo Chiodi and Leonardo Ditta Eds.
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Additional info for Sraffa or an Alternative Economics
Sample text
Suzumura, K. (2005), ‘Interview with Paul Samuelson: Welfare Economics, ‘Old’ and ‘New’, and Social Choice Theory’, Social Choice and Welfare, December, pp. 327–56. Velupillai, K. (1980), ‘Review’ a Pasinetti, L. (1977), Journal of economic Studies, vol. 7, pp. 64–65. Velupillai, K. (1989), ‘The Existence of the Standard System: Sraffa’s Constructive Proof’, Political Economy, vol. 5, pp. 3–12. Von Neumann, J. (1937), ‘Über ein ökonomisches Gleichungssystem und eine Verallgemeinerung des Brouwerschen Fixpunktsatzes’, Ergebnisse eines mathematischen Kolloquiums, (1935–1936), Heft 8, ed.
This result can be straightforwardly extended to the actual system. Some reviews give an exact account of this result. A good example is contained in the following excerpts by Joan Robinson, who appropriately connects Sraffa’s solution with Ricardo’s problem of determination of the profit rate: Can the proportions derived from this model [Ricardo’s corn economy] survive the removal of the postulate that only corn is required to produce corn? [ ... ] When the wage is not given by technical conditions, what do prices mean?
This may happen, as Sraffa noted, for ‘a commodity which enters to an unusually large extent into the production of itself’ (Sraffa (1960, p. 90)). Newman shows, through a two-commodity example, that if the assumption that each commodity is required as input either directly or indirectly is relaxed, the price system may give rise to negative prices for the non-basic commodity (see Newman [19, pp. 66–7]). He thus identifies ‘necessary and sufficient conditions that a matrix containing “non-basics” will always yield prices which are all positive [ ...