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Cambridge Journal of Economics 27:225-238 (2003)
Copyright © 2003 Cambridge Political Economy Society

Review Article

Sraffa's legacy

Duncan K. Foley

*New School University, New York.

Address for correspondence: Department of Economics, Graduate Faculty, New School University, 65 Fifth Avenue, New York, NY 10003, USA; email: foleyd{at}newschool.edu

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 Words: Sraffa • Capital theory • General equilibrium • Long-period method • Theory of distribution


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