"This article is a response to two other articles in this symposium by Tiago Camarinha Lopes and David Laibman. The article focuses mainly on the important question that both Camarinha Lopes and Laibman address in their articles: what does the labor theory of value do that other theories cannot...

In his macro-monetary interpretation of Marx's theory of value, Fred Moseley claims that Marx's prices of production should be considered as the long-run equilibrium condition of capital reproduction under the assumption of given technology and given capital distribution. Moseley's...

Since the late 1960s, research in the field of general equilibrium theory has focused on economies in which spot markets for commodities coexist with some asset markets and trade takes place sequentially over time. The study of ‘sequential economies’ has developed along two paths inspired by...

In two passages of Production of Commodities, Sraffa states very concisely that the analysis presented also applies to viable economic systems in which the means of production consumed are not fully replaced. This aspect of the book has been nearly ignored for a long time, and only in the last...

The two ‘slogans’ written by Sraffa in an early draft of the preface to his book (Sraffa Papers D3/12/43:1(3)) can be seen as the synthesis of a wider reasoning that he outlines in some manuscripts composed in 1955 and 1956. We rationalise this reasoning by three statements: A. The rate of...

Since the late 1960s, the efforts of general equilibrium theorists have been directed towards overcoming the evident limitation of the Arrow-Debreu model, i.e. the assumption that the transactions associated with the future activities of agents are all regulated at the initial date on a complete...

During the last forty years, general equilibrium theorists have been especially concerned with the analysis of economies in which forward markets for commodities are limited in number or nonexistent and trade takes place sequentially over time. Many distinguished scholars approached the study of...

The treatment of exhaustible resources in the context of classical theory is currently the object of intense debate. In particular, different views are held as to whether the classical ‘normal positions’ can adequately deal with the prices for the use of exhaustible resources...

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...

This paper examines the critical remarks that D’Orlando (2005) addresses to the classical theory of value based on ‘normal’ positions and briefly comments on the alternative dynamic analysis of short-run prices that he recommends. In particular, the first part refutes...