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Copyright © Cambridge Political Economy Society

research-article

Sraffa's critique of Marshall: a reassessment

Gary Mongiovi

St John's University USA

Abstract

This paper reviews Sraffa's critique of the Marshallian theory of supply. The dominant interpretations appear to have misread the connection between the critique and Sraffa's later work. This critique was directed at the inability of Marshall's theory to provide a generally valid explanation of price under competitive conditions; but insufficient attention has been paid to Sraffa's concern to find a theory of value that could accommodate increasing returns. There is little evidence, moreover, to support the standard claim that Sraffa adopted the simultaneous equation approach of Production of Commodities in order to resolve the deficiencies of the partial method.

Manuscript received July 5, 1993; final version received January 31, 1994.


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