Sraffa

Piero Sraffa (5 August 1898 – 3 September 1983) was an influential Italian economist who served as lecturer of economics at the University of Cambridge. His work caused a fundamental shift in the discipline, and his book Production of Commodities by Means of Commodities is considered a seminal contribution to the field of economic theory.

Early life and education

Sraffa was born in Turin, Italy, to a wealthy and influential family. He studied at the University of Turin, where he was influenced by the works of Alfred Marshall and Vilfredo Pareto. After completing his studies, he moved to England in 1921 to teach at the London School of Economics (LSE).

Career

In 1930, Sraffa was invited to join the faculty of the University of Cambridge, where he would remain for the rest of his career. His early work at Cambridge focused on the theory of value and distribution, and he was a key figure in the Cambridge capital controversy.

In 1960, Sraffa published Production of Commodities by Means of Commodities, which presented a critique of the neoclassical theory of value and distribution. The book also introduced the concept of the Standard commodity, a theoretical tool used to analyze the effects of changes in the distribution of income on prices and output.

Legacy

Sraffa's work has had a profound impact on the field of economics. His critique of neoclassical economics has been influential in the development of post-Keynesian economics, and his concept of the Standard commodity has been widely used in economic analysis.

See also

• Cambridge capital controversy
• Standard commodity
• Post-Keynesian economics