Event overview
How can Sraffa's system be augmented to be a model of a general economic equilibrium?
Sraffa (1960) presented his system of equations as determining the relative prices and one of the distributive variables given the levels of outputs and the other distributive variable. If the Sraffa system of equations is augmented by consumption demand equations of households and investment demand equations of industries the result is a complete system of general equilibrium having a unique positive solution for the relative prices, absolute levels of industrial outputs, the rates of growth and profit, the real wage rate, and the shares of ownership of the capital stock. The model has been generalized to include the government sector and determine the tax rate and public expenditure. Empirical evidence from cross‐country sources has been gathered in support of a central inference of the model viz. the long‐run convergence of industrial growth rates and rates of profit towards uniformity.
Prof. Rajas Parchure is currently the Officiating Director at Gokhale Institute of Politics and Economics, Pune, India. His research interests are in International Economics, Risk Management and Insurance and Financial Economics and has published several articles in these areas.
Dates & times
| Date | Time | Add to calendar |
|---|---|---|
| 25 Sep 2019 | 11:45am - 12:30pm |
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