Search results for "Theory of value"

On the limits to the long-period method in classical economics. A note

2001

On a first reading of Theory of Production, Kurz & Salvadori (1995) appear to confine the empirical domain of the long-period models of the classical theory of value and distribution to stationary economies with non-constant returns to scale and to growing economies with constant returns to scale. Such a reading is shown to be untenable since it merges the two levels of exploring the extension of a model and of testing a theoretical hypothesis. Conversely, the way Kurz & Salvadori tackle the problems of price dynamics and returns to scale in growing economies is shown to be compatible with what appears to be Sraffa's (implicit) strategy of research.

Piero Sraffa on utility and the 'subjective method' in the 1920s: A tentative appraisal of Sraffa's unpublished manuscripts

2001

The paper reconstructs Sraffa's assessment of utility-based and individualistic explanations of demand in Marshallian economics in the light of some fresh evidence provided by Sraffa's unpublished manuscripts of the 1920s. It is shown that Sraffa criticised the standard Marshallian explanation of individual consumption choices, emphasised the independent measurement requirement in explanation, lacked enthusiasm for the heuristic potentialities of the 'subjective method' in economic theorising and strove for an analysis of the phenomena of interdependence in the sphere of production as well as in the sphere of consumption.

Bilateral Monopoly: A Contribution by Francesco Ferrara

2009

In this paper, we propose an interpretation of the application of "cost of reproduction" of Francesco Ferrara to the exchange between two agents to highlight its relevance for the theory of bilateral monopoly. In the Teoria delle Mercedi (1863), Ferrara gives a numerical example to explain price determination in the exchange between one buyer and one seller. Here, this example is translated into a mathematical model that reproduces the fundamental issues of the neoclassical debate on the indeterminacy of price in the Cournot model (1938), and anticipates the solutions proposed by Edgeworth (1881) at the end of this debate.

From 1925/1926 articles to 1960 book: some notes on Sraffa's not so implicit methodology

2001

The Complexity of Value and the Evaluation of Complexity: Social Use Value and Multi-criteria Analysis

2018

The “challenge of complexity” is one of the many points of convergence between the Encyclical Laudato si’ and the evolution of post-modern scientific thought. This study aims to analyze how complexity represents the essential element of the profound renewal in the scientific paradigm of the discipline of evaluation, particularly in regard to the theory of value, the categories of value, and the instruments of multi-criteria evaluation. Some contemporary theories of value propose, in fact, a complex source of value, such as surpluses of energy and of information (Ecological Economics) or as the creative and synergistic combination of three surpluses, namely energetic and non-entropic, geneal…

An Experiential Approach to the Consumption Value of Arts and Culture: The Case of Museums and Monuments

2006

This article is intended to enhance our understanding of the consumer experience within the cultural domain. The analysis of arts and culture consumption is based on a paradigm founded on the theory of value, which, in turn, underlies the notion of the consumer experience. By investigating the field of museums and monuments, the authors validate this experiential approach to the consumption value of arts and culture. They recommend that, since a theatrical setting elicits emotional and ludic reactions in individuals and entails visitor participation, attendance at museums and monuments could be increased by means of “theatricalizing” – or adding a show-oriented dimension to the consumer exp…