Self-replacing prices with credit and debt

Venkatachalam, Ragupathy and Zambelli, Stefano. 2021. Self-replacing prices with credit and debt. Structural Change and Economic Dynamics, ISSN 0954-349X [Article] (In Press)

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Abstract or Description

Sraffa advanced his critique of economic theory (Sraffa, 1960) based on the notion of a production system that replicates itself. Prices associated with exchanges in such a system ought to be such that producers and workers would have the necessary purchasing power. The original Sraffian schemes do not include the possibility for exchanges to take place through deferred means of payments. We generalise this system by introducing the possibility of deferred means of payments. We characterise the the domain of self-replacing prices in the presence of credit, debt and non-uniform rate of profits. We provide a constructive procedure to compute the relevant self-replacing prices.

Item Type:

Article

Identification Number (DOI):

https://doi.org/10.1016/j.strueco.2021.11.002

Keywords:

Sraffa, Money, Credit and debt, Simulation, Viability

Departments, Centres and Research Units:

Institute of Management Studies

Dates:

DateEvent
7 November 2021Accepted
24 November 2021Published Online

Item ID:

30661

Date Deposited:

15 Nov 2021 14:16

Last Modified:

30 Nov 2021 21:57

Peer Reviewed:

Yes, this version has been peer-reviewed.

URI:

https://research.gold.ac.uk/id/eprint/30661

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