The course provides a non-exhaustive and unsystematic discussion of selected topics in Sraffian economics. The course presupposes previous knowledge of Sraffa’s Production of Commodities, and familiarity with the surplus approach critique of Marginalism. Topics covered include the policy relevance and empirical evidence of the Sraffian critique of marginalist economics, the critique of the natural rate of interest and the monetary theory of distribution, the extensions of the Sraffian approach to deal with international economics, and technological change. Some macroeconomic issues, incorporating the Keynesian Principle of Effective Demand, are also discussed. Self-evaluation will be the method for grading.
Foley, D., P. Garegnani, M. Pivetti and F. Vianello (2004), “Classical Theory and Policy Analysis: A Round Table,” Centro di Ricerche e Documentazione Piero Sraffa, Materiali di Discussione, No 1.
Ozanne, A. (1996), “Do Supply Curves Slope Up? The Empirical Relevance of the Sraffian Critique of Neoclassical Production Economies,” Cambridge Journal of Economics, 20(6), pp. 749-62.
Petri, F. (2000), “On the Likelihood and Relevance of Reverse Capital Deepening,” University of Sienna, Working Paper No 279.
Han, Z. and B. Schefold (2006), “An Empirical Investigation of Paradoxes (Reswitching and Reverse Capital Deepening) in Capital Theory,” Cambridge Journal of Economics, 30(5), pp. 737-65.
Panico, C. (1985), “Market Forces and the Relation Between the Rates of Interest and Profits,” Contributions to Political Economy, 4, pp. 37-60.
Pivetti, M. (1991), An Essay on Money and Distribution, London, Macmillan, chs. 1 and 2.
Pivetti, M. (1991), chs. 3 to 6.
Pivetti, M. (1991), chs. 7 to 12.
Sraffa, P. (1932a), “Dr. Hayek on Money and Capital,” Economic Journal, 42, pp. 42-53.
Hayek, F. (1932), “Money and Capital: A Reply,” Economic Journal, 42, pp. 237-49.
Sraffa, P. (1932b), “A Rejoinder,” Economic Journal, 42, pp. 249-51.
Brewer, A. (1985), “Trade with Fixed Real Wages and Mobile Capital,” Journal of International Economics, 18(1), pp. 177-86.
Steedman, I. and J. Metcalfe (1977), “Reswitching, Primary Inputs and the Heckscher-Ohlin-Samuelson Theory of Trade,” Journal of International Economics, 7(2), pp. 201-08.
Brailovsky, V. (1989), “Exchange Rate Policy,” Contributions to Political Economy, 8, pp. 1-33.
Vernengo, M. (2001), “Foreign Exchange, Interest and Prices,” in L-P. Rochon and M. Vernengo (eds.), Credit, Effective Demand and the Open Economy, Cheltenham, Edward Elgar.
Metcalfe, J. and I. Steedman (1981), “Some Long- Run Theory of Employment, Income Distribution and the Exchange Rate,” The Manchester School, 49(1), pp. 1-20.
Serrano, F. (2003), “From Static Gold to Floating Dollar,” Contributions to Political Economy, 22, pp. 87-102.
Okishio, N. (1987), “Choice of Technique,” in J. Eatwell, M. Milgate and P. Newman (eds.), The New Palgrave, London, Macmillan.
Bhaduri, A. (2007), Growth, Distribution and Innovations: Understanding Their Interrelations, London, Routledge, chs. 3 and 4.
Ginzburg, A. and A. Simonazzi (2004), “Disinflation in Industrialized Countries, Foreign Debt Cycles and the Costs of Stability,” Centro di Ricerche e Documentazione Piero Sraffa, Materiali di Discussione, No 4.
Hannsgen, G. (2004), “Gibson's Paradox, Monetary Policy, and the Emergence of Cycles,” Levy Economics Institute, Economics Working Paper Archive 410.
Cesaratto, S. (2007), “Are PAYG and FF Pension Schemes Equivalent Systems? Macroeconomic Considerations in the Light of Alternative Economic Theories,” Review of Political Economy, 19(4), pp. 449-73.
Barba, A. and M. Pivetti (2009), “Rising household debt: Its causes and macroeconomic implications – a long-period analysis,” Cambridge Journal of Economics, 33(1), pp. 113-37.
White, G. (2004), “Capital, Distribution and Macroeconomics,” Cambridge Journal of Economics, 28(4), pp. 527-47.