Analyzing Sraffa, one of the key figures in the history of economics, this book explores his legacy and the relevance of his thought for modern economics. Written by an array of internationally respected contributors, including Schefold, Aspromourgos, Nell and Kurz it is an invaluable tool for all those studying the history of economic thought.

Analyzing Sraffa, one of the key figures in the history of economics, this book explores his legacy and the relevance of his thought for modern economics. Written by an array of internationally respected contributors, including Schefold, Aspromourgos, Nell and Kurz it is an invaluable tool for all those studying the history of economic thought.

Analyzing Sraffa, one of the key figures in the history of economics, this book explores his legacy and the relevance of his thought for modern economics. Written by an array of internationally respected contributors, including Schefold, Aspromourgos, Nell and Kurz it is an invaluable tool for all those studying the history of economic thought.

Exploring the relevance of Sraffa's thought for modern economics and written by an array of internationally respected contributors, this book is an invaluable tool for all those studying the history of economic thought.

Contributions to Modern Economics includes contributions to two great intellectual upheavals in economic theory: the Keynesian Revolution and the revival of the classical theory of profits led by Piero Sraffa. The formation of prices in capitalist and socialist economies and of international trade is also discussed. The evolution of these ideas is linked to the personal and historical events that influenced them. Comprised of 24 chapters, this book begins by describing the second crisis of economic theory, which is related to the first crisis — the great slump of the 1930s. The reader is then introduced to the theory of money and the analysis of output; obstacles to full employment; and the concept of hoarding. Subsequent chapters explore capital, profits, and prices, with emphasis on the theory of capital, imperfect competition, and the theory of value. International trade, capitalism, and beggar-my-neighbor remedies for unemployment are also examined. This monograph should be of interest to economists.