Written on the occasion of the 50th anniversary of the publication of
Piero Sraffa's Production of Commodities by Means of Commodities, the
papers selected and contained in this book accounts for the work
completed around the two central aspects of his contribution to economic
analysis, namely the criticism of the neoclassical (or 'marginalist')
theory of value and distribution, and the reconstruction of economic
theory along the lines of the Classical approach. Divided into three
volumes, the book debates the most fruitful routes for advancements in
this field and their implications for applied and policy analysis.
This second volume focuses on the theory of output and growth as
developed in the modern Classical approach on the basis of the extension
to the long run of the Keynesian principle of effective demand, and on
the implications of the revival of the Classical approach for policy
analysis and for understanding the evolution of the international
economic order in the last few decades.