ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Sraffa’s Political Economy

A Reflection on Sraffa’s Revolution in Economic Theory edited by Ajit Sinha, Switzerland: Palgrave Macmillan, 2021; pp xxv+601, ¤139.99 (hardcover).

Piero Sraffa (18981983) made revolutionary contributions to economics. While his critical contributions to the Cambridge Capital Controversy are relatively well known, his constructive efforts in the Production of Commodities by Means of Commodities (PCMC hereafter), which revived classical political economy, are not quite. The book under review, aptly titled A Reflection on Sraffas Revolution in Economic Theory, is edited by Ajit Sinha, who has widely published on Sraffa. This book is published under the Palgrave Studies in the History of Economic Thought series and the contributors bring together insights from his [Sraffas] archives (p ix).

All the contributors to the edited volume have extensively engaged with Sraffas ideas in their previously published work. There are 18 chapters in total, out of which 1, 4, and 9 by Sinha, Goddanti Omkarnath, and Geoffrey Harcourt deal with Sraffas value theory; Chapters 2, 3, 5, 8, 11, and 13 by Roberto Scazzieri, Maria Cristina Marcuzzo and Annalisa Rosselli, John Davis, Anna Carabelli, Guglielmo Chiodi, and K Vela Velupillai engage with Sraffas philosophical and economic standpoint; Chapters 6, 7, and 18 by Yoann Verger, Ajit Sinha, and Nerio Naldi explore the aspects of Sraffas intellectual biography; Chapters 14, 15, and 16 by Carlo Panico, Ragupathy Venkatachalam and Stefano Zambelli, and Ghislain Deleplace examine the monetary elements in Sraffas economics; the remaining Chapters 10, 12, 17 by Martins, Steenge, and Verger connect Garegnanis surplus equation and Marxs falling rate of profit, Sraffa and Leontief, and Sraffa and ecological thought, respectively. Innovatively, each chapter is followed by a comment and the authors response to that comment; I had first come across this expository structure in Krishna Bharadwaj and Bertram Schefolds 1990 edited book of conference proceedings titled Essays on Piero Sraffa: Critical Perspectives on the Revival of Classical Theory.

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Published On : 20th Jan, 2024

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