The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Sraffa, Piero (1898–1983)

  • John Eatwell
  • Carlo Panico
Reference work entry


In the history of economics, Piero Sraffa is an enigma. His reputation as a major economic theorist rests on but three works: the Economic Journal article of 1926, the Introduction to his edition of Ricardo’s Principles (the first of the 11 volumes of the complete Works and Correspondence of David Ricardo, which established Sraffa as the finest scholar to have edited a major work in the literature of economics), and the 99 pages of Production of Commodities by Means of Commodities, a sparse, terse collection of logical propositions, the significance of which is a matter of often heated debate.


Capital theory Classes Classical theory of growth Classical theory of value and distribution Diminishing returns Dmitriev, V. K. Dobb, M. H. Equilibrium Fixed capital Forced saving Gold standard Hayek, F. A. von Imperfect competition Increasing returns Inflation Invariable standard of value Keynes, J. M. Labour theory of value Laws of returns Managed currency Marginal productivity of capital Money Multi-product industries Natural rate of interest Neoclassical theory of cost Neoclassical theory of the rate of profit Neoclassical theory of value and distribution Neo-Ricardian economics Non-negative prices Non-substitution theorem Own rate of return Partial equilibrium Perfect competition Perron-Frobenius theorem Price formation Quantity theory of money Rate of profit Real wages Reswitching of technique Returns to scale Ricardo, D. Single-product industries Sraffa, P. Standard commodity Surplus 

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • John Eatwell
    • 1
  • Carlo Panico
    • 1
  1. 1.