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Revisiting fixed capital models in the Sraffa framework

Revisiting fixed capital models in the Sraffa framework Abstract Von Neumann (Review of Economics Studies 13(1):1–9, 1945) and Sraffa (Production of commodities by means of commodities. Prelude to a critique of economic theory. Cambridge University Press, Cambridge, 1960) revived the classical ideas of treating fixed capital as a special case of joint production. Sraffa’s model with a single machine that has constant efficiency has been widely generalised. Among such generalisations, Salvadori’s contribution (Value, distribution and capital. Essays in honour of Pierangelo Garegnani, Routledge, London, pp 270–285, 1999) not only re-ignited research interest in the field, but also reshaped scholastic understanding of the importance of machines’ efficiencies with regard to fixed capital models. Such novel insights make it necessary to revisit the development of fixed capital models in the Sraffa framework. In this paper these models are surveyed with a focus on the properties of the cost-minimising technique in each model. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png "Economia Politica" Springer Journals

Revisiting fixed capital models in the Sraffa framework

Huang, Biao
"Economia Politica" , Volume 36 (2): 21 – Jul 1, 2019
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References (31)

Publisher
Springer Journals
Copyright
2019 Springer Nature Switzerland AG
ISSN
1120-2890
eISSN
1973-820X
DOI
10.1007/s40888-019-00147-7
Publisher site
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Abstract

Abstract Von Neumann (Review of Economics Studies 13(1):1–9, 1945) and Sraffa (Production of commodities by means of commodities. Prelude to a critique of economic theory. Cambridge University Press, Cambridge, 1960) revived the classical ideas of treating fixed capital as a special case of joint production. Sraffa’s model with a single machine that has constant efficiency has been widely generalised. Among such generalisations, Salvadori’s contribution (Value, distribution and capital. Essays in honour of Pierangelo Garegnani, Routledge, London, pp 270–285, 1999) not only re-ignited research interest in the field, but also reshaped scholastic understanding of the importance of machines’ efficiencies with regard to fixed capital models. Such novel insights make it necessary to revisit the development of fixed capital models in the Sraffa framework. In this paper these models are surveyed with a focus on the properties of the cost-minimising technique in each model.

Journal

"Economia Politica" – Springer Journals

Published: Jul 1, 2019

Keywords: Economic Policy; International Political Economy

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