Garegnani’s surplus equation and Marx’s falling rate of profits

Nuno Ornelas Martins*

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review

2 Citations (Scopus)

Abstract

Here I shall argue that Pierangelo Garegnani’s surplus equation can help in understanding the relationship between Piero Sraffa’s economic system and Karl Marx’s idea of a tendency for the rate of profits to fall. Garegnani’s surplus equation enables us to understand Marx’s analysis of the composition of capital in the context of Sraffa’s system, in order to identify the tendency for the rate of profits to fall, and the countervailing tendencies that act against it. This analysis is in line with Garegnani’s own view that the perspectives of Marx and Sraffa are best seen as complementary approaches, rather than opposed ones.
Original languageEnglish
Title of host publicationA reflection on Sraffa’s revolution in economic theory
EditorsAjit Sinha
PublisherPalgrave Macmillan
Pages289-327
Number of pages39
ISBN (Electronic)9783030472061
DOIs
Publication statusPublished - 2021

Publication series

NamePalgrave Studies in the History of Economic Thought
ISSN (Print)2662-6578
ISSN (Electronic)2662-6586

Keywords

  • Capital
  • Commanded labour
  • Rate of profits
  • Surplus

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