Self-replacing prices with credit and debt

Venkatachalam, Ragupathy and Zambelli, Stefano. 2022. Self-replacing prices with credit and debt. Structural Change and Economic Dynamics, 60, pp. 451-466. ISSN 0954-349X [Article]

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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:


Identification Number (DOI):


Sraffa, Money, Credit and debt, Simulation, Viability

Departments, Centres and Research Units:

Institute of Management Studies


7 November 2021Accepted
24 November 2021Published Online
March 2022Published

Item ID:


Date Deposited:

15 Nov 2021 14:16

Last Modified:

31 Jan 2022 13:46

Peer Reviewed:

Yes, this version has been peer-reviewed.


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