The Laws of Returns under Competitive Conditions

  title={The Laws of Returns under Competitive Conditions},
  author={Piero Sraffa}
AbstractA striking feature of the present position of economic science is the almost unanimous agreement at which economists have arrived regarding the theory of competitive value, which is inspired by the fundamental symmetry existing between the forces of demand and those of supply, and is based upon the assumption that the essential causes determining the price of particular commodities may be simplified and grouped together so as to be represented by a pair of intersecting curves of… 

Rationalising the supply-and-demand cross, 1838–1890

Abstract This study takes its bearings from the proposition that the supply-and-demand apparatus of what came to be called the “Marshallian cross” is an unsatisfactory representation of actual supply

Equilibrium without Constraints

The notion of equilibrium that emerged in Keynesian thinking with the development of the theory of effective demand differs markedly from the traditional idea of a position reached through markets

The evolution of trade theory: an exercise in the construction of surrogate or substitute worlds?

situation characterised by a lack of any active competition between firms. It is very far removed from free competition as conceptualized in the older classical tradition. While all theorising

On the origins of the concept of natural monopoly: Economies of scale and competition

Abstract The present article contributes to the history of the concept of natural monopoly, focusing on the reconstruction of its origins. The paper considers various facets of natural monopoly: the

The Own-Rates Framework as An Interpretation of The General Theory : A Suggestion for Complicating the Keynesian Theory of Money

It is my belief that the far-reaching and in some respects fundamental differences between the conclusions of a monetary economy and those of the more simplified real-exchange economy have been

Images of competition and their impact on modern macroeconomics*

Abstract Modern mainstream macroeconomics is characterised by its reliance on a general equilibrium framework of Walrasian origins, which is crucially associated with perfect competition and statics.

Competition and the evolution of the capitalist mode of production

Any economic theory of capitalism must include some concept of competition. Through out the history of economic analysis theories of competition have served as the basis for systematising the

Price Behaviour of Firms

The determination of prices has played a central part in economic theory for a hundred years or more. It forms the core of micro-economics, and is often the first topic in economics that students are

What Is Supply-and-Demand? The Marshallian Cross Versus Classical Economics

ABSTRACT This study argues that the supply-and-demand apparatus of the ‘Marshallian cross’ is an unsatisfactory representation of actual supply and demand forces, which are better characterized in

The dynamics of value, price and profit

This article argues that in place of the fundamentally static neoclassical concept of an economy in equilibrium, economic theory is in need of a dynamic vision of growth as a disequilibrating process