Towards a New Understanding of Sraffa Insights from Archival Research Scott Carter; Riccardo Bellofiore ISBN: 9781137034328 DOI: 10.1057/9781137034328 Palgrave Macmillan Please respect intellectual property rights This material is copyright and its use is restricted by our standard site license terms and conditions (see palgraveconnect.com/pc/connect/info/terms_conditions.html). If you plan to copy, distribute or share in any format, including, for the avoidance of doubt, posting on websites, you need the express prior permission of Palgrave Macmillan. To request permission please contact [email protected]. Towards a New Understanding of Sraffa Riccardo Bellofiore and Scott Carter Insights from Archival Research Towards a New Understanding of Sraffa 0 3 0- 1 4- 1 0 2 ct - e n n o C e v a gr al P n - a w Tai g n u si h o a K of y sit er v ni U al n o ati N o d t e s n e c m - li o c ct. e n n o c e v a gr al p w. w w m o al fr eri at m ht g yri p o C 10.1057/9781137034328 - Towards a New Understanding of Sraffa, Edited by Riccardo Bellofiore and Scott Carter 0 3 0- 1 4- 1 0 2 This page intentionally left blank ect - n n o C e v a gr al P n - a w Tai g n u si h o a K of y sit er v ni U al n o ati N o d t e s n e c m - li o c ct. e n n o c e v a gr al p w. w w m o al fr eri at m ht g yri p o C 10.1057/9781137034328 - Towards a New Understanding of Sraffa, Edited by Riccardo Bellofiore and Scott Carter Towards a New Understanding of Sraffa 0 Insights from Archival Research 3 0- 1 4- 1 0 2 Edited by ct - e n n o Riccardo Bellofiore eC v a University of Bergamo, Italy gr al P and n - a w Tai Scott Carter ng u The University of Tulsa, USA hsi o a K of y sit er v ni U al n o ati N o d t e s n e c m - li o c ct. e n n o c e v a gr al p w. w w m o al fr eri at m ht g yri p o C 10.1057/9781137034328 - Towards a New Understanding of Sraffa, Edited by Riccardo Bellofiore and Scott Carter Editorial, selection and introduction © Riccardo Bellofi ore and Scott Carter 2014 Individual chapters © Contributors 2014 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the 0 3 Copyright, Designs and Patents Act 1988, or under the terms of any licence 0- 1 permitting limited copying issued by the Copyright Licensing Agency, 4- 1 Saffron House, 6–10 Kirby Street, London EC1N 8TS. 20 Any person who does any unauthorized act in relation to this publication ect - n may be liable to criminal prosecution and civil claims for damages. n o C The authors have asserted their rights to be identified as the authors of this work ve a in accordance with the Copyright, Designs and Patents Act 1988. gr al F PiArsLtG pRuAbVliEs hMedA C2M01IL4L bAyN an - P w Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, Tai registered in England, company number 785998, of Houndmills, Basingstoke, ng u Hampshire RG21 6XS. si h o Palgrave Macmillan in the US is a division of St Martin’s Press LLC, Ka 175 Fifth Avenue, New York, NY 10010. of y Palgrave Macmillan is the global academic imprint of the above companies sit er and has companies and representatives throughout the world. v ni U Palgrave® and Macmillan® are registered trademarks in the United States, al the United Kingdom, Europe and other countries on ati ISBN: 978–1–137–03431–1 N o This book is printed on paper suitable for recycling and made from fully d t e managed and sustained forest sources. Logging, pulping and manufacturing ns e p coroucnetsrsye os fa oreri geixnp. ected to conform to the environmental regulations of the m - lic o A catalogue record for this book is available from the British Library. ct.c e A catalog record for this book is available from the Library of Congress. nn o c e v a gr al p w. w w m o al fr eri at m ht g yri p o C 10.1057/9781137034328 - Towards a New Understanding of Sraffa, Edited by Riccardo Bellofiore and Scott Carter Contents 0 List of Illustrations v ii 0-3 1 4- 1 Acknowledgements v iii 20 ct - Notes on Contributors i x ne n o C List of Abbreviations x i ve a gr al P 1 Introduction 1 n - a Riccardo Bellofiore and Scott Carter w Tai g 2 Surprise in the Archive: Reactions to Sraffa’s Papers 9 un si Jonathan Smith h o a K of Part I sity er 3 On the Neoricardian Criticism of Irrelevance 25 niv U Dario Preti al n o 4 Sraffa and the Standard Commodity 47 Nati o Scott Carter d t e s n Comment on Preti and Carter 69 ce Pier Luigi Porta m - li o c Response to Porta 75 ct. e n Scott Carter on c e v a Part II algr p w. 5 A New Perspective on Sraffa 81 ww m Ajit Sinha o al fr 6 The Standard System and the Tendency of the (Maximum) eri at Rate of Profit to Fall – Marx and Sraffa: There and Back 9 4 m ht Stefano Perri g yri p o Comment on Sinha and Perri: Hamlet without the Prince: C Sraffa (and Marx) without Competition 121 Andrea Salanti v 10.1057/9781137034328 - Towards a New Understanding of Sraffa, Edited by Riccardo Bellofiore and Scott Carter vi Contents A Response to the Comments by Professor Salanti 130 Ajit Sinha A Note on Professor Salanti’s Comments 133 Stefano Perri 0 3 Part III 10- 4- 1 0 7 The Essentiality of Money in the Sraffa Papers 1 39 ct - 2 Ghislain Deleplace e n n o C 8 The Positive Surplus Hypothesis: Social versus e v a Physical Objectivity 167 gr al Jean Cartelier n - P a w Comment On Surplus and Money in Sraffa: A Comment on Tai Cartelier and Deleplace 186 ng u Guglielmo Chiodi hsi o a K 9 The Loneliness of the Long Distance Thinker: Sraffa, of y Marx, and the Critique of Economic Theory 1 98 sit er Riccardo Bellofiore niv U al n Archival Index 241 atio N Index 2 45 d to e ns e c m - li o c ct. e n n o c e v a gr al p w. w w m o al fr eri at m ht g yri p o C 10.1057/9781137034328 - Towards a New Understanding of Sraffa, Edited by Riccardo Bellofiore and Scott Carter List of Illustrations 0 3 Figures 0- 1 4- 1 0 3 3..12 S Ptrroufcitt urarete o afs t hane lianbcoreuars tinhge ofruyn octfi voanl uoef daily working time 3 399 ect - 2 n n 4.1 The ‘coincident ratio’ across three realms of economic o C e inquiry 5 3 av gr 6.1 The maximum and the actual rates of profit 1 11 al P 6.2 Profitable change of technique with increasing organic n - a w composition of capital 1 12 Tai 6.3 Non profitable change of technique with increasing ng u organic composition of capital 1 14 hsi o 6.4 Sraffa’s model of the falling rate of profit 1 15 Ka 6.5 Foley and Michl’s model of the falling rate of profit 1 16 y of 8.1 Monetary relations 1 81 ersit v ni U al Table n o ati N 8.1 Flows of payments 1 82 d to e s n e c m - li o c ct. e n n o c e v a gr al p w. w w m o al fr eri at m ht g yri p o C vii 10.1057/9781137034328 - Towards a New Understanding of Sraffa, Edited by Riccardo Bellofiore and Scott Carter Acknowledgements 0 3 The editors and collaborators wish to thank the Hyman P. Minsky 0- 1 Department of Economics, University of Bergamo, for having partially 14- 0 2 financed the conference ‘The Other Sraffa: Surprises in the Archive?’ held ct - 21–22 December 2010, on the occasion of the 50th year of the publica- ne n o tion of Production of Commodities by Means of Commodities. We also thank C e v Annalisa Cristini, Head of the Department, for her welcome address. gra Simona Locatelli provided efficient organisational support, before, Pal during and after the conference. The present book originated in that an - w conference, although the papers presented there have been rewritten, Tai g thanks to the lively discussion. Without the help of Jonathan Smith un si and the staff at the Wren Library during our visits to the Sraffa Papers h o a and Sraffa Collection of books at the Wren Library (Trinity College, of K Cambridge) most of the papers here would have been impossible to sity write. To that end we also thank Piero Sraffa’s Literary Executor Lord er v ni Eatwell for permission to quote hitherto unpublished archival mate- U al rial from the Sraffa Papers. We are also very thankful to Taiba Batool on and Ania Wronski at Palgrave Macmillan for their encouragement and Nati o understanding, and to Linda Allegro and Giovanna Vertova for their d t e patience. Last but not least we wish to thank the contributors for their ns e c forbearance in the period this book was coming into shape. Finally we m - li would like to thank Vidhya Jayaprakash and the Production Team at o c Palgrave Macmillan for their hard work and patience in putting this ct. e n volume together. on c e v a gr al p w. w w m o al fr eri at m ht g yri p o C viii 10.1057/9781137034328 - Towards a New Understanding of Sraffa, Edited by Riccardo Bellofiore and Scott Carter