Keynes, Sraffa and the Cambridge tradition: notes on diversity of paradigms
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Data de Publicação: | 2021 |
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Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Nova Economia (Online) |
Texto Completo: | https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/6032 |
Resumo: | Abstract This paper reviews the interpretation of John Maynard Keynes’s economic theory inspired by the perspective of Piero Sraffa’s work on prices. After some initial remarks, the second section asks whether the multiplier, as advanced by Sraffian authors, exhausts the principle of effective demand without taking into account the Cambridge tradition of economic analysis through psychological lenses, as well as the notion of uncertainty put forward in the General Theory. Section three deals with the monetary aspects of Keynes’s thought, examining its compatibility with Sraffa’s definition of normal prices assuming a uniform profit rate. The fourth section revises the controversy over the reswitching paradox, its connection with the multiplicity of internal return rates, and the relationship between productive structure and income distribution. The concluding remarks highlight the bifurcation points between the Keynesian and the Sraffian theoretical paradigms. Keywords: effective demand; expectations; gravitational center; capital productivity; profit rates. JEL Codes: B22, B24, B41 |
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Keynes, Sraffa and the Cambridge tradition: notes on diversity of paradigmsKeynes, Sraffa e a tradição de Cambridge: notas sobre a diversidade de paradigmasAbstract This paper reviews the interpretation of John Maynard Keynes’s economic theory inspired by the perspective of Piero Sraffa’s work on prices. After some initial remarks, the second section asks whether the multiplier, as advanced by Sraffian authors, exhausts the principle of effective demand without taking into account the Cambridge tradition of economic analysis through psychological lenses, as well as the notion of uncertainty put forward in the General Theory. Section three deals with the monetary aspects of Keynes’s thought, examining its compatibility with Sraffa’s definition of normal prices assuming a uniform profit rate. The fourth section revises the controversy over the reswitching paradox, its connection with the multiplicity of internal return rates, and the relationship between productive structure and income distribution. The concluding remarks highlight the bifurcation points between the Keynesian and the Sraffian theoretical paradigms. Keywords: effective demand; expectations; gravitational center; capital productivity; profit rates. JEL Codes: B22, B24, B41Resumo Este artigo examina a interpretação da teoria econômica de John Maynard Keynes inspirada na obra de Piero Sraffa sobre os preços. Após breve introdução, a segunda seção considera até que ponto o multiplicador, tal como proposto por autores sraffianos, exaure o princípio da demanda efetiva sem levar em conta a tradição de abordagem psicológica da economia desenvolvida em Cambridge, bem como a concepção de incerteza formulada na Teoria Geral. A terceira seção trata dos aspectos monetários do pensamento de Keynes e de sua compatibilidade com o conceito de preços de reprodução de Sraffa calculados com base numa taxa uniforme de lucro. Na quarta seção analisa-se a controvérsia sobre o retorno de técnicas, a sua conexão com a multiplicidade de taxas internas de retorno, bem como a relação entre configuração produtiva e distribuição de renda. Nas considerações finais, os pontos de bifurcação entre os paradigmas analíticos keynesiano e sraffiano são ressaltados. Palavras-chave: demanda efetiva; expectativas; centro de gravitação; produtividade do capital; taxas de lucro. Códigos JEL: B22, B24, B41Departamento de Ciências Econômicas da UFMG2021-12-07info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionhttps://revistas.face.ufmg.br/index.php/novaeconomia/article/view/6032Nova Economia; Vol. 31 No. 2 (2021): Revista Nova Economia; 561-586Nova Economia; v. 31 n. 2 (2021): Revista Nova Economia; 561-5861980-53810103-6351reponame:Nova Economia (Online)instname:Universidade Federal de Minas Gerais (UFMG)instacron:UFMGporhttps://revistas.face.ufmg.br/index.php/novaeconomia/article/view/6032/3607Copyright (c) 2021 Sérgio Fornazier, Rogério Arthmarhttp://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessArthmar, RogérioFornazier, Sérgio2021-12-07T21:57:07Zoai:ojs.pkp.sfu.ca:article/6032Revistahttps://revistas.face.ufmg.br/index.php/novaeconomiaPUBhttps://revistas.face.ufmg.br/index.php/novaeconomia/oai||ne@face.ufmg.br1980-53810103-6351opendoar:2021-12-07T21:57:07Nova Economia (Online) - Universidade Federal de Minas Gerais (UFMG)false |
dc.title.none.fl_str_mv |
Keynes, Sraffa and the Cambridge tradition: notes on diversity of paradigms Keynes, Sraffa e a tradição de Cambridge: notas sobre a diversidade de paradigmas |
title |
Keynes, Sraffa and the Cambridge tradition: notes on diversity of paradigms |
spellingShingle |
Keynes, Sraffa and the Cambridge tradition: notes on diversity of paradigms Arthmar, Rogério |
title_short |
Keynes, Sraffa and the Cambridge tradition: notes on diversity of paradigms |
title_full |
Keynes, Sraffa and the Cambridge tradition: notes on diversity of paradigms |
title_fullStr |
Keynes, Sraffa and the Cambridge tradition: notes on diversity of paradigms |
title_full_unstemmed |
Keynes, Sraffa and the Cambridge tradition: notes on diversity of paradigms |
title_sort |
Keynes, Sraffa and the Cambridge tradition: notes on diversity of paradigms |
author |
Arthmar, Rogério |
author_facet |
Arthmar, Rogério Fornazier, Sérgio |
author_role |
author |
author2 |
Fornazier, Sérgio |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Arthmar, Rogério Fornazier, Sérgio |
description |
Abstract This paper reviews the interpretation of John Maynard Keynes’s economic theory inspired by the perspective of Piero Sraffa’s work on prices. After some initial remarks, the second section asks whether the multiplier, as advanced by Sraffian authors, exhausts the principle of effective demand without taking into account the Cambridge tradition of economic analysis through psychological lenses, as well as the notion of uncertainty put forward in the General Theory. Section three deals with the monetary aspects of Keynes’s thought, examining its compatibility with Sraffa’s definition of normal prices assuming a uniform profit rate. The fourth section revises the controversy over the reswitching paradox, its connection with the multiplicity of internal return rates, and the relationship between productive structure and income distribution. The concluding remarks highlight the bifurcation points between the Keynesian and the Sraffian theoretical paradigms. Keywords: effective demand; expectations; gravitational center; capital productivity; profit rates. JEL Codes: B22, B24, B41 |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-12-07 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/6032 |
url |
https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/6032 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/6032/3607 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2021 Sérgio Fornazier, Rogério Arthmar http://creativecommons.org/licenses/by/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2021 Sérgio Fornazier, Rogério Arthmar http://creativecommons.org/licenses/by/4.0 |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Departamento de Ciências Econômicas da UFMG |
publisher.none.fl_str_mv |
Departamento de Ciências Econômicas da UFMG |
dc.source.none.fl_str_mv |
Nova Economia; Vol. 31 No. 2 (2021): Revista Nova Economia; 561-586 Nova Economia; v. 31 n. 2 (2021): Revista Nova Economia; 561-586 1980-5381 0103-6351 reponame:Nova Economia (Online) instname:Universidade Federal de Minas Gerais (UFMG) instacron:UFMG |
instname_str |
Universidade Federal de Minas Gerais (UFMG) |
instacron_str |
UFMG |
institution |
UFMG |
reponame_str |
Nova Economia (Online) |
collection |
Nova Economia (Online) |
repository.name.fl_str_mv |
Nova Economia (Online) - Universidade Federal de Minas Gerais (UFMG) |
repository.mail.fl_str_mv |
||ne@face.ufmg.br |
_version_ |
1799711060304855040 |