By Ajit Sinha

ISBN-10: 3319306154

ISBN-13: 9783319306155

ISBN-10: 3319306162

ISBN-13: 9783319306162

This ebook attracts at the paintings of 1 of the sharpest minds of the 20 th century, Piero Sraffa. Ludwig Wittgenstein credited him for 'the such a lot consequential principles' of the Philosophical Investigations (1953) and positioned him excessive on his brief checklist of geniuses. Sraffa's innovative contribution to economics was once, even though, misplaced to the realm simply because economists didn't be aware of the philosophical underpinnings of his economics. in response to exhaustive archival study, Sinha provides a thrilling new thesis that exhibits how Sraffa challenged the standard mode of theorizing by way of crucial and mechanical causation and, as a substitute, argued for a descriptive or geometrical thought according to simultaneous relatives. A end result of this process used to be an entire removing of 'agent's subjectivity' and 'marginal technique' or counterfactual reasoning from monetary research – the 2 primary pillars of orthodox monetary theory.

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For example, after arriving at the optimum combination for the total land, if the farmer has additional capital to invest, he will have various different uses for it (given the substitution possibilities) and from those various uses the farmer would choose the use that gives him the maximum output. If the farmer has still more capital to invest, he will again have various uses of this capital and he will again choose the use that gives him the maximum output but the additional output will be less than the previous addition simply because 11 In his ‘Lecture Notes of 1928–31’ Sraffa acknowledges Turgot’s (1768) ‘Observation on the memoir by Monsieur de Saint-Péravy in favour of the indirect tax’ for this idea.

If the farmer has still more capital to invest, he will again have various uses of this capital and he will again choose the use that gives him the maximum output but the additional output will be less than the previous addition simply because 11 In his ‘Lecture Notes of 1928–31’ Sraffa acknowledges Turgot’s (1768) ‘Observation on the memoir by Monsieur de Saint-Péravy in favour of the indirect tax’ for this idea. 36 A Revolution in Economic Theory the more productive use is associated with the previous combination, which is no longer available.

He first uses the metaphor of individual living organisms and the generalization of the notion of ‘life’ or the particular drops of water in a river and the notion of ‘river’ itself. Clark argues that, in the same way as individual lives come and go and the drops of water in a river flow by but life and river endure, ‘capital’ endures in relation to physical capital goods. But this analogy is not apt. In the case of ‘life’ or ‘river’, neither ‘life’ nor ‘river’ can have a measure separately from concrete living organisms or flowing water.

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A Revolution in Economic Theory: The Economics of Piero Sraffa by Ajit Sinha


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