Date: Mon, 15 May 1995 15:21:06 +1000
From: Steve.Keen-AT-unsw.EDU.AU
Subject: Re: Value - Steve's paper: Part 3


Jerry posts the following as a summary of Neo Ricardianism:
Expressing the issue somewhat differently, Sraffa and the Neo-Ricardians
assume that all constant capital is constant circulating capital.  Since
they don't analyze constant fixed capital, they have no theory of
depreciation -- moral or otherwise -- and, therefore, have no theory of
technological change.  If this is a misrepresentation of the
Neo-Ricardian position, someone PLEASE correct me.
...

Well, unfortunately this is a misrepresentation. Sraffa's critique--
which was what he was writing, a critique, not an alternative
theory--was specifically directed at the neoclassical theory's
weaknesses over capital. Sraffa's original work (The production
of commodities by means of commodities; prelude to a critique
of economic theory) containss some of the most inspired
considerations of fixed capital ever published.
Cheers,
Steve Keen


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