This paper presents a simulation exercise on Sraffa's system under various types of technical changes to show that the direction of changes in prices of commodities is contingent on the choice of the numeraire. Thus, such a comparison of prices in two systems turns out to be meaningless. This...

It is argued that that both the Sraffians’ interpretation based on the classical notion of centre of gravitation as well as the neoclassical interpretation based on the supposedly implicit assumption of constant returns to scale are incorrect [GIPE WP].

Hahn's (1982) influential critique of Sraffa (1960) crucially rests on his conclusion that "the only falsifiable entailment of the Sraffa equations is the postulate of a uniform rate of profit". This paper argues that the uniformity of the rates of profit in Sraffa’s system is not an...

This paper argues that the condition of uniform rate of profits in Sraffa's system is not based on his implicit assumption that the system is at the 'equilibrium' or the center of gravitation. It is rather a logical requirement of a reproducing system of basic goods as long as prices are not...

In this paper we show that the Manara problem in the case of Sraffa's generalized multiple-production case arises due to the presence of superfluous processes of production. We argue that 'goods' should be defined from the perspective of the system and not the observer. We provide a mathematical...

This paper is a critical examination of the notion of equilibrium in the classical theory of value. It highlights the theoretical importance as well as the problems associated with the notion of equilibrium in the classical theory and goes on to argue that Sraffa presents a theory of value...