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Sraffa, the Configuration of Exchange, and Value/Price Expressions of Labour Time in Surplus-Producing Triangular Trade

Including a Symposium on New Directions in Sraffa Scholarship

ISBN: 978-1-78714-540-5, eISBN: 978-1-78714-539-9

Publication date: 16 December 2017

Abstract

This essay explores certain aspects of single product industry basic systems of the type Sraffa develops in Part I of Production of Commodities by Means of Commodities. It focusses on triangular trade as the simplest expression of the more general n-commodity case. Two elements of the framework are explored: (i) the relation of exchange between all commodities, conceived as the configuration of exchange which is applicable to the subsistence and surplus models, and (ii) the value/price expressions of labour time, applicable to the surplus model only, which posits the productivity of, remuneration to and extraction from living labour added to the system. This analysis complements and extends the Marxian reading of Sraffa’s notions of surplus and deficit industries first explored in Carter (2014b). The methodology of ‘given quantities’ in expositing the relations developed is adopted in this essay as it corresponds to the same method employed by Sraffa. This allows readers to easily move from the present essay to Sraffa’s book and importantly his archival notes which are now for all interested parties available as colour digital images on the Wren Library website.

Keywords

Acknowledgements

Acknowledgements

Although by no means do I wish to intimate that he shares all the views expressed above, infinite thanks go to Riccardo Bellofiore for being an inspiration over the years as regards all things related to Sraffa and Marx. Tremendous thanks as well go to Jonathan Smith regarding all things related to the Sraffa Archive and archival scholarship generally. All interpretations and errors are my own responsibility.

Citation

Carter, S. (2017), "Sraffa, the Configuration of Exchange, and Value/Price Expressions of Labour Time in Surplus-Producing Triangular Trade", Including a Symposium on New Directions in Sraffa Scholarship (Research in the History of Economic Thought and Methodology, Vol. 35B), Emerald Publishing Limited, Leeds, pp. 195-233. https://doi.org/10.1108/S0743-41542017000035B009

Publisher

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Emerald Publishing Limited

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