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Tag Archives: Serrano

60 Years of Sraffa’s Production of Commodities by Means of Commodities/ROKE Webinar

Tomorrow we will talk about this book that is the Rosetta Stone of the history of economic ideas (read post 6 below for more on that). I'm happy to have a great panel to discuss it. In the meantime below 7 previous posts on Sraffa's contributions to economics, which might be helpful for some.Sraffa and the Marshallian System Sraffa, Marx and the Labor Theory of Value (LTV) Sraffa, Ricardo and Marx The Standard Commodity and the LTV The Capital Debates Microfoundations of Macroeconomics...

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Di Bucchianico on Krugman and the Liquidity Trap

New paper on the problems of Krugman and the Liquidity Trap argument (some will be able to download if for free, and I recommend this version; however, there is a previous working paper linked at the bottom for those unable to open).From the abstract: Krugman’s ‘liquidity trap’ model constituted a ground-breaking contribution by attributing the long-lasting Japanese stagnation to a negative natural interest rate. Our critique to such a proposal will focus on three aspects. First, we will...

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Why do we need a theory of value?

The theory of value and distribution is at the heart of economics. To be clear, when I say that it is at the center, it means that discussions of almost any topic in economics, in one way or another, depend on a certain theoretical position about the theory of value and distribution. However, most economists have no clue about it, about the centrality of value. Not only they don't understand the original and now infamous labor theory of value (LTV), that dominated between Petty and Ricardo...

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Distribution and Conflict Inflation in Brazil under Inflation Targeting

I can't watch this either For those interested in the Brazilian situation I highly recommend the recently published paper by Franklin Serrano and Ricardo Summa (Review of Radical Political Economics page here). From the abstract: In this paper, we analyze Brazilian inflation under the inflation-targeting system from a conflict inflation perspective and show how the inflation target system only worked well when there was a trend of exchange rate appreciation. Later, the strengthening of...

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The positive profit with negative surplus-value paradox

New paper by Lucas (not that one) and Serrano. From the abstract: This paper explains the “positive profits with negative surplus-value” example of Steedman (1975) and shows that while in joint production systems individual labour values can be negative, the claim that the total labour embodied in the surplus product of the economy (surplus-value) can also be negative is based on assumptions that have no economic meaning (such as negative activity levels). The paper also provides a way to...

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A Clarification of the clarification of supermultipliers

After my post I got an email and post below by Franklin. Mind you, I still would refer to supermultiplier models as Kaldorian, and the models with autonomous investment as neo-Kaleckian. As Franklin notes Bortis, a Kaldorian and Sraffian, makes the transition to exogenous distribution, even if Kaldor himself didn't. Below the email and the post.Dear Matias:Great Post.Your use of the phrase “no independent investment function” to refer to induced investment models is unfortunately quite...

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Kaldorian and Sraffian supermultipliers: a clarification

This is a post for those interested in demand-led theories of growth. Not long ago I wrote a post on misconceptions about Sraffian economics. Marc Lavoie sent me a nice email about it, and a recent paper he published in Metroeconomica (subscription required), which comments on a paper I wrote with Esteban Pérez (working paper available here). In his discussion of supermultiplier models, which put the multiplier and the accelerator together to explain -- not fluctuations of the level of...

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