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2003•Cambridge Journal of EconomicsRequires access

Sraffa's legacy

Duncan K. Foley

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Abstract

This review essay of Critical Essays on Piero Sraffa's Legacy in economics situates Sraffa's work in relation to the Marshallian tradition and neo‐Walrasian general equilibrium theory, and reviews the current state of debate between adherents of these traditions on the role of demand, returns to scale, capital theory and policy analysis. Other issues considered include the corn model, Sraffa's critique of Hayek, and the extension of the capital theory critique to the intertemporal equilibrium model.

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This review essay of Critical Essays on Piero Sraffa's Legacy in economics situates Sraffa's work in relation to the Marshallian tradition and neo‐Walrasian general equilibrium theory, and reviews the current state of debate between adherents of these traditions on the role of demand, returns to scale, capital theory and policy analysis. Other issues considered include the corn model, Sraffa's critique of Hayek, and the extension of the capital theory critique to the intertemporal equilibrium model.

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Available abstract

This review essay of Critical Essays on Piero Sraffa's Legacy in economics situates Sraffa's work in relation to the Marshallian tradition and neo‐Walrasian general equilibrium theory, and reviews the current state of debate between adherents of these traditions on the role of demand, returns to scale, capital theory and policy analysis. Other issues considered include the corn model, Sraffa's critique of Hayek, and the extension of the capital theory critique to the intertemporal equilibrium model.

Key concepts: Foley, Library science, Economic history, Sociology, Economics, Media studies, Computer science, Business

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