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On the Ricardian Invariable Measure of Value: The General Possibility of the Standard Commodity

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dc.contributor.authorKurose, Kazuhiro
dc.contributor.authorYoshihara, Naoki
dc.contributor.departmentGraduate School of Economics and Management, Tohoku University
dc.contributor.departmentThe Institute of Economic Research, Hitotsubashi University
dc.date2023-09-23T10:59:05.000
dc.date.accessioned2024-04-26T16:30:36Z
dc.date.available2024-04-26T16:30:36Z
dc.date.issued2014-01-01
dc.description.abstractThe purpose of this paper is to examine the critical arguments made by Burmeister, Samuelson, and others, with respect to Sraffa (1960). In his arguments about the standard commodity, Sraffa assumed that a change in income distribution has no effect on the output level and choice of techniques, while those critics argue that interdependence among changes in income distribution, output level, and choice of techniques should be taken into consideration in the arguments on the invariable measure of value and the linearity of income distribution. Given this debate, the paper considers general economies with non-increasing returns to scale, where such interdependence is a universal feature, in which a generalisation of the standard commodity is defined. Moreover, it is shown that the generalised standard commodity can serve as an invariable measure of value even in those general economies. Finally, the paper also characterises the necessary and sufficient condition under which the linear functional relation of income distribution is obtained in those economies.
dc.identifier.doihttps://doi.org/10.7275/6356179
dc.identifier.urihttps://hdl.handle.net/20.500.14394/22144
dc.relation.urlhttps://scholarworks.umass.edu/cgi/viewcontent.cgi?article=1174&context=econ_workingpaper&unstamped=1
dc.source.issue2014-08
dc.source.statuspublished
dc.subjectRicardo’s invariable measure of value
dc.subjectSraffa’s standard commodity
dc.subjectLinear relation of income distribution
dc.subjectEconomics
dc.titleOn the Ricardian Invariable Measure of Value: The General Possibility of the Standard Commodity
dc.typearticle
dc.typearticle
digcom.contributor.authorisAuthorOfPublication|email:kurose@econ.tohoku.ac.jp|institution:Graduate School of Economics and Management, Tohoku University|Kurose, Kazuhiro
digcom.contributor.authorisAuthorOfPublication|email:yoshihara@ier.hit-u.ac.jp|institution:The Institute of Economic Research, Hitotsubashi University|Yoshihara, Naoki
digcom.identifierecon_workingpaper/174
digcom.identifier.contextkey6356179
digcom.identifier.submissionpathecon_workingpaper/174
dspace.entity.typePublication
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