On the Role of Finance in Sraffa’s System

Autores
Dvoskin, Ariel; Feldman, Germán David
Año de publicación
2019
Idioma
inglés
Tipo de recurso
artículo
Estado
versión publicada
Descripción
We critically review the previous attempts to introduce money and finance into Sraffa’s price system, whose main difference is, we argue, their conception of the interest rate, either as an opportunity cost or as an effective cost of production. We examine the implications on three different grounds: (i) the formal consistency of the system; (ii) the possibilities to explicitly treat the financial industry as any other productive sector; and (iii) the validity of the so-called “monetary theory of distribution” (MTD). We then suggest a possible route, inspired by Schumpeter’s ideas on economic development, to introduce the banking sector through its role of granting credit to innovation. Unlike previous contributions, this reformulation allows us both to justify the basic nature of the financial sector and simultaneously preserve the validity of MTD.
Fil: Dvoskin, Ariel. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de San Martín; Argentina
Fil: Feldman, Germán David. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de San Martín; Argentina
Materia
BANKING INDUSTRY
INNOVATION
MONETARY THEORY OF DISTRIBUTION
SRAFFA
SURPLUS APPROACH
Nivel de accesibilidad
acceso abierto
Condiciones de uso
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
Repositorio
CONICET Digital (CONICET)
Institución
Consejo Nacional de Investigaciones Científicas y Técnicas
OAI Identificador
oai:ri.conicet.gov.ar:11336/175479
Acceder
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network_name_str CONICET Digital (CONICET)
spelling On the Role of Finance in Sraffa’s SystemDvoskin, ArielFeldman, Germán DavidBANKING INDUSTRYINNOVATIONMONETARY THEORY OF DISTRIBUTIONSRAFFASURPLUS APPROACHhttps://purl.org/becyt/ford/5.2https://purl.org/becyt/ford/5We critically review the previous attempts to introduce money and finance into Sraffa’s price system, whose main difference is, we argue, their conception of the interest rate, either as an opportunity cost or as an effective cost of production. We examine the implications on three different grounds: (i) the formal consistency of the system; (ii) the possibilities to explicitly treat the financial industry as any other productive sector; and (iii) the validity of the so-called “monetary theory of distribution” (MTD). We then suggest a possible route, inspired by Schumpeter’s ideas on economic development, to introduce the banking sector through its role of granting credit to innovation. Unlike previous contributions, this reformulation allows us both to justify the basic nature of the financial sector and simultaneously preserve the validity of MTD.Fil: Dvoskin, Ariel. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de San Martín; ArgentinaFil: Feldman, Germán David. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de San Martín; ArgentinaCentro di Ricerche e Documentazione Piero Sraffa2019-10info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_6501info:ar-repo/semantics/articuloapplication/pdfapplication/pdfhttp://hdl.handle.net/11336/175479Dvoskin, Ariel; Feldman, Germán David; On the Role of Finance in Sraffa’s System; Centro di Ricerche e Documentazione Piero Sraffa; Centro Sraffa Working Paper Series; 37; 10-2019; 1-242284-2845CONICET DigitalCONICETenginfo:eu-repo/semantics/altIdentifier/url/http://www.centrosraffa.org/public/c9579fa3-f61d-468a-a3b8-211cd173da5d.pdfinfo:eu-repo/semantics/openAccesshttps://creativecommons.org/licenses/by-nc-sa/2.5/ar/reponame:CONICET Digital (CONICET)instname:Consejo Nacional de Investigaciones Científicas y Técnicas2025-10-15T15:18:19Zoai:ri.conicet.gov.ar:11336/175479instacron:CONICETInstitucionalhttp://ri.conicet.gov.ar/Organismo científico-tecnológicoNo correspondehttp://ri.conicet.gov.ar/oai/requestdasensio@conicet.gov.ar; lcarlino@conicet.gov.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:34982025-10-15 15:18:19.375CONICET Digital (CONICET) - Consejo Nacional de Investigaciones Científicas y Técnicasfalse
dc.title.none.fl_str_mv On the Role of Finance in Sraffa’s System
title On the Role of Finance in Sraffa’s System
spellingShingle On the Role of Finance in Sraffa’s System
Dvoskin, Ariel
BANKING INDUSTRY
INNOVATION
MONETARY THEORY OF DISTRIBUTION
SRAFFA
SURPLUS APPROACH
title_short On the Role of Finance in Sraffa’s System
title_full On the Role of Finance in Sraffa’s System
title_fullStr On the Role of Finance in Sraffa’s System
title_full_unstemmed On the Role of Finance in Sraffa’s System
title_sort On the Role of Finance in Sraffa’s System
dc.creator.none.fl_str_mv Dvoskin, Ariel
Feldman, Germán David
author Dvoskin, Ariel
author_facet Dvoskin, Ariel
Feldman, Germán David
author_role author
author2 Feldman, Germán David
author2_role author
dc.subject.none.fl_str_mv BANKING INDUSTRY
INNOVATION
MONETARY THEORY OF DISTRIBUTION
SRAFFA
SURPLUS APPROACH
topic BANKING INDUSTRY
INNOVATION
MONETARY THEORY OF DISTRIBUTION
SRAFFA
SURPLUS APPROACH
purl_subject.fl_str_mv https://purl.org/becyt/ford/5.2
https://purl.org/becyt/ford/5
dc.description.none.fl_txt_mv We critically review the previous attempts to introduce money and finance into Sraffa’s price system, whose main difference is, we argue, their conception of the interest rate, either as an opportunity cost or as an effective cost of production. We examine the implications on three different grounds: (i) the formal consistency of the system; (ii) the possibilities to explicitly treat the financial industry as any other productive sector; and (iii) the validity of the so-called “monetary theory of distribution” (MTD). We then suggest a possible route, inspired by Schumpeter’s ideas on economic development, to introduce the banking sector through its role of granting credit to innovation. Unlike previous contributions, this reformulation allows us both to justify the basic nature of the financial sector and simultaneously preserve the validity of MTD.
Fil: Dvoskin, Ariel. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de San Martín; Argentina
Fil: Feldman, Germán David. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de San Martín; Argentina
description We critically review the previous attempts to introduce money and finance into Sraffa’s price system, whose main difference is, we argue, their conception of the interest rate, either as an opportunity cost or as an effective cost of production. We examine the implications on three different grounds: (i) the formal consistency of the system; (ii) the possibilities to explicitly treat the financial industry as any other productive sector; and (iii) the validity of the so-called “monetary theory of distribution” (MTD). We then suggest a possible route, inspired by Schumpeter’s ideas on economic development, to introduce the banking sector through its role of granting credit to innovation. Unlike previous contributions, this reformulation allows us both to justify the basic nature of the financial sector and simultaneously preserve the validity of MTD.
publishDate 2019
dc.date.none.fl_str_mv 2019-10
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
http://purl.org/coar/resource_type/c_6501
info:ar-repo/semantics/articulo
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv http://hdl.handle.net/11336/175479
Dvoskin, Ariel; Feldman, Germán David; On the Role of Finance in Sraffa’s System; Centro di Ricerche e Documentazione Piero Sraffa; Centro Sraffa Working Paper Series; 37; 10-2019; 1-24
2284-2845
CONICET Digital
CONICET
url http://hdl.handle.net/11336/175479
identifier_str_mv Dvoskin, Ariel; Feldman, Germán David; On the Role of Finance in Sraffa’s System; Centro di Ricerche e Documentazione Piero Sraffa; Centro Sraffa Working Paper Series; 37; 10-2019; 1-24
2284-2845
CONICET Digital
CONICET
dc.language.none.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv info:eu-repo/semantics/altIdentifier/url/http://www.centrosraffa.org/public/c9579fa3-f61d-468a-a3b8-211cd173da5d.pdf
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
eu_rights_str_mv openAccess
rights_invalid_str_mv https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv Centro di Ricerche e Documentazione Piero Sraffa
publisher.none.fl_str_mv Centro di Ricerche e Documentazione Piero Sraffa
dc.source.none.fl_str_mv reponame:CONICET Digital (CONICET)
instname:Consejo Nacional de Investigaciones Científicas y Técnicas
reponame_str CONICET Digital (CONICET)
collection CONICET Digital (CONICET)
instname_str Consejo Nacional de Investigaciones Científicas y Técnicas
repository.name.fl_str_mv CONICET Digital (CONICET) - Consejo Nacional de Investigaciones Científicas y Técnicas
repository.mail.fl_str_mv dasensio@conicet.gov.ar; lcarlino@conicet.gov.ar
_version_ 1846083332204396544
score 13.22299

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