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Copyright © Cambridge Political Economy Society

research-article

Do supply curves slope up? The empirical relevance of the Sraffian critique of neoclassical production economics

Adam Ozanne*

*University of Manchester

Abstract

The Sraffian critique of neoclassical economics has tended to concentrate on the input rather than the output side of production processes—in particular, criticism of neoclassical capital theory. When it has addressed supply questions, it has been concerned more with individual commodities than aggregate supply. Furthermore, Sraffian economists have been criticised for not investigating the relevance of their hypotheses empirically. This paper extends the Sraffian critique of Marshallian partial analysis to cover aggregate supply and reports the results of a simulation exercise based on an econometric model of UK agriculture that finds evidence of perverse supply response at die aggregate level.

Manuscript received January 30, 1995; final version received September 28, 1995.


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