The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Sraffian Economics

  • Paul A. Samuelson
Reference work entry


Sraffa’s 1960 book The Production of Commodities by Means of Commodities has spawned an extensive literature but still needs to relate itself to the vast post-1945 finite mathematics literature of von Neumann, Dantzig, Kuhn-Tucker-Gail and Bellman. The Sraffa-Leontief circulating capital model provides by itself a prism with which to diffract the paradigms of Marx, Ricardo, and various brands of neoclassicism. It can serve to help judge Ricardo’s editor and to illuminate the unity in Sraffa’s scientific vision, from before 1926 until death in 1983.


Arrow–Debreu model of general equilibrium Capital theory Circulating capital Clark, J. Competitive equilibrium Darwinian arbitrage Engels, F. Factor-price tradeoff frontier Hawkins–Simon conditions Heckscher–Ohlin trade theory Increasing returns Joint production Keynes, J. Labour theory of value Lange. O. Lerner, A. Marginalism Marx, K. Marxist economics Non-substitution th Pareto efficiency Pareto optimality Rate of profit Ricardo, D. Robinson, J. Samuelson, P. Smith, A. Sraffa, P. Sraffa–Leontief circulating capital model Sraffian economics Standard commodity Stationary state Stigler, G. Stolper–Samuelson th Surplus value von Mises, L von Neumann model Walrasian analysis 

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Paul A. Samuelson
    • 1
  1. 1.