Palgrave Studies in the History of Economic Thought

Series Editors Avi J. Cohen Department of Economics York University & University of Toronto Toronto, ON, Canada

G. C. Harcourt School of Economics University of New South Wales Sydney, NSW, Australia

Peter Kriesler School of Economics University of New South Wales Sydney, NSW, Australia

Jan Toporowski Economics Department School of Oriental & African Studies University of London London, UK Palgrave Studies in the History of Economic Thought publishes contributions by leading scholars, illuminating key events, theories and individuals that have had a lasting impact on the development of modern-day economics. The topics covered include the development of economies, insti- tutions and theories.

More information about this series at http://www.palgrave.com/gp/series/14585 Ajit Sinha Editor A Refection on Sraffa’s Revolution in Economic Theory Editor Ajit Sinha Thapar School of Liberal Arts and Sciences Patiala, India

ISSN 2662-6578 ISSN 2662-6586 (electronic) Palgrave Studies in the History of Economic Thought ISBN 978-3-030-47205-4 ISBN 978-3-030-47206-1 (eBook) https://doi.org/10.1007/978-3-030-47206-1

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This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG. The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland Praise for A Refection on Sraffa’s Revolution in Economic Theory

“Piero Sraffa’s elusive classic Production of Commodities by Means of Commodities was published sixty years ago with the aim of reconstructing the foundations of Economics on solid theoretical grounds purging the Classical and Neoclassical Economics of logical and philosophical weaknesses. It set off a debate which has still not been settled. In the meantime, the global economy has been through the crises of stagfation, globalisation, the Great Recession and lately Covid-19. Nostrums and solutions have come—Keynesianism, Monetarism, New Classical Economics—and gone. The Soviet system of economic planning collapsed and has been forgotten. Practical remedies to real life problems having failed, it may be the time for going back to fundamentals. Here is a splendidly rich collection of contributions, with criticisms and replies that Ajit Sinha has brought together which will merit serious study by senior economists as much as the next generation of young students. Here the Sraffa system is analysed in its full complexity and dissected by scholars who were there when Sraffa published the book as well as subsequent three generations of students. Here are Geoffrey Harcourt, Bertram Schefold, Roberto Scazzieri, Christina Marcuzzo, Anna Carabelli, Annalisa Rosselli, John King, Guglielmo Chiodi, names which have been known to us as experts in theory, methodology and philosophy of economics. Sraffa was not just an economic theorist. The book casts light on his infuence on Wittgenstein (Sinha), his discussions with Keynes (Carabelli) and his friendship with Gramsci (Naldi) and Kalecki (King). The availability of the Sraffa archives has enriched our understanding of his thinking and the debates he carried on with himself and his correspondents. This book captures the spirit of these archives which previous work on Sraffa has missed out on. The debate here is creative as there is also a contribution relating Sraffa’s theory to the problem of non-renewable natural capital (Verger). Ajit Sinha has prepared a feast for students and scholars of economics, philosophy and politics to enjoy.” —Lord Meghnad Desai, Professor Emeritus, London School of Economics Preface

Sraffa’s contribution to economics is mainly thought of in terms of his specifc contributions to particular theoretical issues in Economics—his early contributions (1925, 26)1 were acknowledged as a devastating critique of Marshall’s theoretical framework of partial equilibrium in a per- fectly competitive market under the condition of ceteris paribus; the latter paper also proved to be seminal in the development of the theories of ‘imperfectly competitive’ markets; he is also noted for his polemic with Hayek on Hayek’s Production and Prices (1931)2 in which he developed an ingenious idea of ‘a commodity’s own rate of interest’ (Sraffa 1932),3 which Keynes utilised in his General Theory (1936)4 and is also used in the inter-temporal general equilibrium analysis; and most importantly, he is credited to have presented a defnitive critique of the orthodox marginal productivity theory of distribution of income in his magnum opus, Production of Commodities by Means of Commodities (1960).5 Along with

1 ‘Sulle relazioni tra costo e quantita prodotta. Annali di Economia, Vol. 2: pp. 277–328, 1925 and ‘The laws of returns under competitive conditions’, The Economic Journal, vol. 36: pp. 535–50, 1926. 2 Prices and Production, London: George Routledge & Sons ltd., 1931. 3 ‘Dr. Hayek on Money and Capital’, Economic Journal, vol. 42 (165), pp. 42–53. 4 The General Theory of Employment, Interest and Money, London: A Harvest/ HBJ Books. In a footnote to Chapter 17 of the General Theory, Keynes wrote, ‘This relationship was frst pointed out by Mr. Sraffa, Economic Journal, March 1932, p.50’. Sraffa, however, found Keynes’s use of this concept contradictory and inconsistent as is evident from the marginal comments in his personal copy of the General Theory. 5 Production of Commodities by Means of Commodities: Prelude to a Critique of Economic Theory, Cambridge: Cambridge University Press.

vii viii PREFACE these important specifc contributions to economic theory, he is also credited to have given a new interpretation of ‘Classical Economics’ by provid- ing a highly original interpretation of Ricardo’s ‘labour theory of value’ in his universally acknowledged magisterial editing of Works and Correspondence of David Ricardo6 and, in some sense, connecting it to the theory developed in his Production of Commodities by Means of Commodities. Even though the list is highly impressive and would be good enough to qualify Sraffa to be inducted in the ‘Economics Hall of Fame’, this sort of listing of specifc contributions does not do justice to the overall nature and signifcance of his contribution to Economics. My own study of Sraffa’s archives convinced me of this conclusion, which I tried to com- municate to the larger intellectual audience in my book, A Revolution in Economic Theory: The Economics of Piero Sraffa (Sinha 2016).7 It seems to me that Sraffa wanted to cut the foundation of Economics from its old moorings either in an essentialist problematic in which the theory searches for the ultimate cause of a phenomenon or the mechanical causation in which the theory searches for an equilibrium of forces as the solution of the problem. Sraffa seems to want to bring economic theory to the modern era of the twentieth century quantum mechanics, which eschews determinacy and classical causation in favour of indeterminacy and structural relations. Moreover, he wants to build economics as a science based on observable data and therefore does not want to allow human psychology any role in economic theory as human psychology is unobservable. This is a manifesto for a revolution in economic theory. While Sraffa’s archive at the Wren Library, Trinity College, University of Cambridge, was offcially opened up to public in the early 1990s, it was not available in print or electronic format and the use of its contents was kept on a tight leash for more than a decade by the literary executor of the time. For many years there were only a handful of Sraffa-scholars who had an opportunity to study it partially or completely and were allowed to quote from it. Lately, however, the situation has eased and increasingly more and more scholars interested in Sraffa’s work are coming up with their interesting fndings and alternative interpretations of the methodological and philosophical underpinnings of Sraffa’s economics. In a way,

6 ‘Introduction’, in Works and Correspondence of David Ricardo, vol. I, Cambridge: Cambridge University Press, 1951. 7 A Revolution in Economic Theory: The Economics of Piero Sraffa, Cham: Palgrave Macmillan. PREFACE ix

Sraffa’s economics is currently going through a churning. In this milieu, Rachel Sangster of Palgrave Macmillan approached me in early 2019 to consider editing a volume that would refect on Sraffa’s economics in a fresh way by taking account of the insights from his archives—the present volume is the outcome of that—it, indeed, stands as an example of the current renaissance of Sraffa’s economics that is well underway. I thank all the contributors for accepting my request to contribute to this volume in a short period of time. All papers, except for one, have comments but not all have replies to the comments as those comments were largely explanatory and complimentary and therefore authors did not see any reason to ‘reply’. Naldi’s paper on a particular aspect of the relationship between Sraffa and Gramsci throws a rare light on a facet of Sraffa’s personal life and personality—the nature of the paper did not require any comment.

Patiala, India Ajit Sinha Contents

1 Interpreting the Nature of Sraffa’s Equations: A Critique of Garegnani’s Interpretation 1 Ajit Sinha Comment: Sraffa’s Protoeconomics—A Comment on Ajit Sinha’s ‘Interpreting the Nature of Sraffa’s Equations: A Critique of Garegnani’s Interpretation’ 29 Bertram Schefold Reply: A Response to Professor Schefold 41 Ajit Sinha

2 On Sraffa’s Structuralism 49 Roberto Scazzieri Comment: A Comment on Scazzieri’s ‘On Sraffa’s Structuralism’ 82 Ajit Sinha Reply: A Response to Ajit Sinha’s ‘A Comment on Scazzieri’s “On Sraffa’s Structuralism”’ 87 Roberto Scazzieri

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3 On Sraffa’s Challenge to Causality in Economics 91 Maria Cristina Marcuzzo and Annalisa Rosselli Comment: A Comment on ‘On Sraffa’s Challenge to Causality in Economics’ 110 Ajit Sinha

4 The Meaning of Sraffa Prices 117 Goddanti Omkarnath Comment: A Comment on ‘The Meaning of Sraffa Prices’ 129 Ajit Sinha

5 ‘Openness’ as a Methodological Principle of Sraffa’s Economic Thinking 135 John B. Davis Comment: A Comment on ‘‘Openness’ as a Methodological Principle of Sraffa’s Economic Thinking’ 155 Guglielmo Chiodi

6 Sraffa and Manara: The Mystery of the Last Article of Piero Sraffa 159 Yoann Verger Comment: Why Sraffa was Right not to Publish his Last Article. A Rectifcation of Yoann Verger 185 Bertram Schefold Reply: A Response to Schefold’s ‘Why Sraffa was Right not to Publish his Last Article’ 198 Ajit Sinha and Yoann Verger

7 Sraffa and Wittgenstein 203 Ajit Sinha Comment: A Comment on Sinha on the Relationship between Sraffa and Wittgenstein 220 John B.Davis Reply: A Refection on John Davis’s Comments 224 Ajit Sinha Contents xiii

8 Sraffa Versus Keynes on the Method of Economics: Measurement, Homogeneity and Independence 229 Anna Carabelli Comment: A Comment on Carabelli on Sraffa and Keynes on Measurement 263 John B. Davis

9 The Role of Sraffa Prices in Post-Keynesian Pricing Theory 269 Geoffrey Colin Harcourt Comment: Sraffa and Kalecki: One More Time 279 John King

10 Garegnani’s Surplus Equation and Marx’s Falling Rate of Profts 289 Nuno Ornelas Martins Comment: The Falling Rate of Proft and General Equilibrium—Some Methodological Considerations 313 Naoki Yoshihara and Roberto Veneziani Reply: Causality and Causation: Some Methodological Considerations 323 Nuno Ornelas Martins

11 Sraffa’s Silenced Revival of the Classical Economists and of Marx 329 Guglielmo Chiodi Comment: A Comment on Sraffa’s ‘Silenced Revival of the Classical Economists and of Marx’ 354 Nuno Ornelas Martins xiv Contents

12 From Multipliers to the Distribution of Income: Connecting Leontief and Sraffa 361 Albert E. Steenge Comment: A Comment on Steenge’s ‘From Multipliers to the Distribution of Income: Connecting Leontief and Sraffa’ 381 Roberto Scazzieri Reply: A Response to Scazzieri’s Comment 387 Albert E. Steenge

13 Defnitions, Assumptions, Propositions and Proofs in Sraffa’s PCMC 391 K. Vela Velupillai Comment: A Comment on ‘Defnitions, Assumptions, Propositions and Proofs in Sraffa’s PCMC ’ 412 Stefano Zambelli

14 Sraffa’s Monetary Writings, Objectivism and the Cambridge Tradition 419 Carlo Panico Comment: A Comment on ‘Sraffa’s Monetary Writings, Objectivism and the Cambridge Tradition’ 450 Guglielmo Chiodi

15 Sraffa, Money and Distribution 455 Ragupathy Venkatachalam and Stefano Zambelli Comment: A Comment on ‘Sraffa, Money and Distribution’ 491 K. Vela Velupillai Reply: A Reply to Velupillai 494 Ragupathy Venkatachalam and Stefano Zambelli Contents xv

16 From Ricardo to Sraffa: A Quest for a Modern Classical Standpoint on Money 499 Ghislain Deleplace Comment: A Comment on ‘A Quest for a Modern Classical Standpoint on Money’ 515 Carlo Benetti and Jean Cartelier Reply: A Reply to Benetti and Cartelier 524 Ghislain Deleplace

17 Sraffa and the Revenue of the Owner of Non-Renewable Natural Resources: A Note on the Literature 537 Yoann Verger Comment: A Comment on ‘Sraffa and the Revenue of the Owner of Non Renewable Natural Resources: A Note on the Literature’ 550 Murray G. Patterson Reply: A Response to ‘Sraffa and the Revenue of the Owner of Non Renewable Natural Resources: A Note on the Literature’ 558 Yoann Verger

18 Antonio Gramsci’s Letters that Piero Sraffa did not Forward to the Italian Communist Party 561 Nerio Naldi

Index 587 Notes on Contributors

Carlo Benetti is Emeritus Professor of Economics at the University of Paris Nanterre. His research interests are money and prices; reproduction, disequilibrium, and crises; Marxian and Classical theories. Anna Carabelli is a full professor of Political Economy, Università degli Studi del Piemonte Orientale, Italy. She graduated from Bocconi University in Milan and took her PhD at the University of Cambridge. Her research interests are in the feld of methodology, epistemology, history of economic thought, philosophy of measurement with particular reference to Keynes, Hayek and Sraffa. Other research interests are in the feld of hap- piness and material conditions, and of international monetary relations (the morality of debt, international reserves, ‘policy space’, Bretton Woods 2 and Washington consensus). Jean Cartelier is Emeritus Professor at the University of Paris-Nanterre. He has recently published L’intrus et l’absent, Essai sur le place du travail et du salariat dans la théorie économique (Presses Universitaires de Paris- Ouest 2016) and Money, Markets, and Capital, The Case for a Monetary Analysis (London, Routledge 2018). Guglielmo Chiodi is a former Professor of Economics at the University of Rome “La Sapienza”, Italy. He did his post-graduate studies at the University of Cambridge (GB). He has been Visiting Scholar at the University of Lund, Sweden, and Visiting Professor at the European University Institute in Fiesole, Italy. He is the author of several articles in journals and books on monetary theory, the theory of value and

xvii xviii NOTES ON CONTRIBUTORS

distribution, with special regard to Classical, Sraffan and Marxian economic theory and, more recently, he has been concerned with the relationship between ethics and economics. John B. Davis is Professor Emeritus of Economics, Marquette University, USA, and Professor Emeritus of Economics, University of Amsterdam, Netherlands. His research is on the history and methodology of economics. He is a former editor of the Journal of Economic Methodology and the Review of Social Economy. Ghislain Deleplace is Emeritus Professor at the University Paris 8. He has published Private Money and Public Currencies (with M.T. Boyer-Xambeu and L. Gillard; Sharpe, 1994), Money in Motion. The Post Keynesian and Circulation Approaches (co-edited with E.J. Nell; Macmillan, 1996), Ricardo on Money: A Reappraisal (Routledge, 2017), Histoire de la pensée économique (Dunod, 3rd edition 2018). Geoffrey Colin Harcourt is Emeritus Reader in the History of Economic Theory, Cambridge, 1998; Emeritus Fellow, Jesus College, Cambridge, 1998; Professor Emeritus, Adelaide, 1988; and currently Honorary Professor, School of Economics, UNSW Sydney, 2010–. He has published 33 books and over 400 articles, chapters in books, and reviews. His research interests include post-Keynesian theory, applications and policy, intellectual biography and history of economic theory. John King is Emeritus Professor at La Trobe University and Honorary Professor at Federation University Australia. His principal research interests are in the history of heterodox economic thought, especially Marxian political economy and Post-Keynesian economics. Recent publications include The Distribution of Wealth (2016; with Michael Schneider and Mike Pottenger), A History of American Economic Thought (2018; with Samuel Barbour and James Cicarelli) and The Alternative Austrian Economics, dealing with socialist economic thought in Austria between 1900 and the present day (2019). Maria Cristina Marcuzzo is Professor of Economics at the University of Rome, “La Sapienza”, Italy and Fellow of the Italian Academy of Lincei. Former President of the European Society for the History of Economics and the Italian Society for the History of Political Economy, she has been Visiting Professor in several universities in Europe, Japan, Mexico and United States. She has worked on classical monetary theory, the Cambridge NOTES ON CONTRIBUTORS xix

School of Economics, Keynesian economics, and more recently, Keynes’s investments in fnancial markets. She has published about 100 articles in journals and books, plus authoring or editing 20 volumes. Nuno Martins has a PhD in Economics by the University of Cambridge, and a licenciatura in Economics by the Universida de Católica Portuguesa (Porto), where he also obtained his habilitation in History of Economic Thought. He is currently full professor at the Universida de Católica Portuguesa where he teaches History of Economic Thought and Social Philosophy and Ethics. He also taught at the University of Cambridge and the University of the Azores. He is a member of the Cambridge Social Ontology Group (CSOG) interdisciplinary research network, and of the editorial board of various aca- demic journals. Nerio Naldi is Associate professor of Economics, Department of Statistics at the University of Rome, La Sapienza. Goddanti Omkarnath is Professor, School of Economics, University of Hyderabad, India. His teaching and research interests in Classical Political Economy and Capital Theory have been prompted by an abiding interest in the complex structure of Indian economy for which neo-classical economics seemed to be singularly inappropriate. Trained in Jawaharlal Nehru University, New Delhi, he was earlier a faculty of Centre for Development Studies, Thiruvananthapuram (Kerala). He is the author, among others, of Economics – A Primer for India (Orient Blackswan, 2016). Carlo Panico is Professor at the Universidad Nacional Autonoma de Mexico. He was Professor of Political Economy at the University Federico II of Naples (Italy). His main research interest regards the effects of monetary events on income distribution and growth. He has published articles and monographs on how money can be integrated in the foundations of the economic discipline, that is in the theory of value, distribution and production. He has also contributed to the history of economic thought and to the institutional organization of economic policy. Murray Patterson holds the Chair in Ecological Economics at Massey University and was the Founding Director of the New Zealand Centre for xx NOTES ON CONTRIBUTORS

Ecological Economics from 2003 to 2011. He is widely published in a number of felds including ecological economics, energy analysis, theories of value, environmental valuation, environmental policy and policy model- ling. Much of this research is of an applied and interdisciplinary nature, working at the interface of policy and sustainability concerns. He has over 30 years’ professional experience as policy analyst, economist and planner in a number of government and university settings. Annalisa Rosselli is Professor of History of Economic Thought at the University of Rome Tor Vergata, Italy and Fellow of the Italian Academy of Lincei. She graduated in mathematics at the University of Florence and did her post-graduate studies at the London School of Economics and at the University of California, Los Angeles. She was President of the Italian Association for the History of Political Economy from 2009 to 2012, of the European Society for the History of Economic Thought from 2012 to 2014 and of the Italian Economic Society from 2016 to 2019. She is author of several publications and reports on issues of gender equality. She has authored or co-edited six books and published many articles in journals and books on history of monetary theory, Classical Political Economy, Cambridge School, Keynesian policies in the 1950s. Roberto Scazzieri is Professor of Economic Analysis, University of Bologna and Fellow, Lincei Academy, Rome. He is Senior Member, Gonville and Caius College, and Life Member, Clare Hall, Cambridge. He has been Professor Attaché at Interdisciplinary Research Centre ‘Beniamino Segre’, Lincei Academy, founding Scientifc Director of the Institute of Advanced Study, University of Bologna and founding Managing Editor of the journal Structural Change and Economic Dynamics. Bertram Schefold was born on 28.12.1943 in Basel (Switzerland), stud- ied at Munich, Hamburg and Basel, 1962–1967; diploma in mathematics, physics and philosophy. Doctoral studies in Cambridge (GB) and Basel. Ph.D. in economics 1971. He was Research Associate at Harvard University and became Full Professor Faculty of Economics, Johann Wolfgang Goethe-University, Frankfurt, March 74. Emeritus, teaching full-time as Senior Professor since 2012. More than 40 books and 350 articles on economic theory, history of economic thought, energy policy and general economic policy. NOTES ON CONTRIBUTORS xxi

Ajit Sinha is Professor of Economics at the Thapar School of Liberal Arts and Sciences. His main area of research has been the history of economic theory. His book A Revolution in Economic Theory: The Economics of Piero Sraffa opens new avenues for advancing classical theory and has been credited to have ‘put paid’ to the established interpretation of Sraffa. He has held visiting positions at Cambridge University, Collège de France, University of Trento, Delhi School of Economics and several other universities. The second edition with a long ‘Afterword’ of his frst book, Theories of Value from Adam Smith to Piero Sraffa, and his latest book, Essays on Theories of Value in the Classical Tradition, were both published in 2018. Albert E. Steenge is Emeritus Professor of Economics at the University of Groningen (Honorary) and at the University of Twente. He has published widely on topics in public economics, environmental economics and multi-sectoral and inter-industry economics. His current interests include the economics of unplanned events (disasters) and tourism. He has been Visiting Scholar and Professor at various universities and insti- tutes, including the Institute of Economics of the Hungarian Academy of Sciences, the University of Cambridge (UK), MIT (Cambridge, Mass.), the University of Bologna and the University of Macerata. He is a Life Member of Clare Hall, Cambridge, UK. K. Vela Velupillai is a retired economics Professor, now residing in Stockholm, Sweden. He was, during his working years, a Professor at NUI Galway, Ireland, University of Trento, Italy, Queen’s University in Belfast and Fellow of Girton College, Cambridge. He was educated at the Universities of Kyoto, Lund and Cambridge. Roberto Veneziani is Professor of Economics at the School of Economics and Finance, Queen Mary University of London. His research interests include topics of dynamic models of cyclical growth, egalitarian principles, distribution of resources between generations, sustainable development, and normative principles in economics. He has focused mainly on dynamic recursive optimisation models with heterogeneous agents. He is also interested in the history of economic thought and in political economy from a mathematical perspective. He has published widely in economics, philosophy and political science. Ragupathy Venkatachalam is a lecturer in Economics at the Institute of Management Studies, Goldsmiths, University of London, UK. He is a member of the Algorithmic Social Sciences Research Unit (ASSRU) at the xxii NOTES ON CONTRIBUTORS

University of Trento, Italy. His research covers economic dynamics, computable economics, history of economic thought and classical behavioural economics. Yoann Verger is Professor agrégé in Social Sciences. He holds a Ph.D. in economics titled “Sraffa and ecological economics: links and possibili- ties” (2016). Naoki Yoshihara is Professor of Economics at Department of Economics, University of Massachusetts Amherst. He won the First Encouragement Prize by the Japan Society for Political Economy (2010) and the Distinguished Achievement Award in Political Economy for the Twenty-frst Century by the World Association for Political Economy (2011). His main research felds are welfare economics, analytical approach to classical and Marxian economics. He has published in variety of topics including distributive justice, cooperative games, implementation theory, axiomatic theory of Marxian exploitation, and unequal exchange in international economies. Stefano Zambelli is Professor of Economics at the Department of Economics and Management, University of Trento, Italy. He is a founding member of the Algorithmic Social Sciences Research Unit (ASSRU) at the University of Trento. His research focuses on Algorithmic production theory, capital theory and aggregation, computable economics and endog- enous business cycle theory. List of Figures

Fig. 2.1 Positional interdependence and causation 63 Fig. 2.2 Functional interdependence and causality 63 Fig. 12.1 Relation between r and β; non-linear case. Left-hand: relevant area; right-hand: the wider picture. 376 Fig. 12.2 Relation between r and β; linear case. Left-hand: relevant area; righthand: the wider picture. 378 Fig. 15.1 A classifcation of Sraffa’s contributions 462

xxiii List of Tables

Table 6.1 Manara’s example, with labour made explicit 188 Table 6.2 Intensive rent, no standard commodity 195 Table 6.3 The basic system, pertaining to the system of Table 6.2 195 Table 6.4 Intensive rent, no standard commodity 196 Table 6.5 The basic system, pertaining to the system of Table 6.4 201 Table 17.1 Solution of modifed Verger equations by Singular Value Decomposition 555 Table 18.1 Letters from Antonio Gramsci to Tatiana Schucht (December 1932–December 1933) 578

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