This chapter argues that the nature of the problem of determining prices and the uniform rate of profits of Sraffa's surplus producing system can be conceptually separated into his two simpler systems: corn-model and the subsistence economy. This clearly reveals that his solution of this problem...

This article highlights some of Sraffa’s main contributions to the methodology of economics. It argues that Sraffa rejected counterfactual reasoning and hence the ‘marginal method’ of analysis. Sraffa’s theory is built solely on factual and objective information and...

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...

This paper attempts to closely investigate the relationship between Ricardo's search for an invariable measure of value and Sraffa's Standard commodity on the one hand and Marx's transformation problem and his notion of exploitation on the other. The paper argues that Marx's notion of...

This paper presents an alternative to both Sraffa’s and his critics’ interpretations of the nature of Ricardo’s search for an ‘invariable measure of value’. It points out that Ricardo recognised two causes of change in the relative values of commodities: (i) changes in the labour...