In the late 1920s Piero Sraffa initiated his scientific project to revive the classical surplus approach to the theory of value and distribution. Since the 1960s Pierangelo Garegnani has played a major role in keeping this project alive, adopting Sraffa's concern with the critique, interpretation and reconstruction of classical theory. This text celebrates Garegnanis achievement and expands upon his work in areas such as: the critique of neoclassical theory; classical political economy and its relationship to marginalism; issues in the theory of production; and the surplus approach and...

This new volume explores two alternative economic theories the classical theory and the marginalist or neoclassical theory- through a discussion between two eminent economists, Pierangelo Garegnani and Paul Samuelson.

The key themes of the volume are the difference in approaches to the explanation of the distribution of income and relative prices, and therefore different approaches to all other economic problems, in particular capital accumulation and economic growth. The book discusses whether there is a classical approach to the theory of value and distribution at the core...

This new volume explores two alternative economic theories - the classical theory and the marginalist or neoclassical theory- through a discussion between two eminent economists, Pierangelo Garegnani and Paul Samuelson. The key themes of the volume are the difference in approaches to the explanation of the distribution of income and relative prices, and therefore different approaches to all other economic problems, in particular capital accumulation and economic growth. The book discusses whether there is a 'classical' approach to the theory of value and distribution at the core of economic...

This book presents a representative set of Pierangelo Garegnani’s (1930-2011) works on the theory of value and distribution. It features a selection of essays, chosen by Garegnani himself, concerning central aspects of his work: first and foremost, the continuation and development of Piero Sraffa's effort to elaborate an alternative to the dominance of marginalist thought on the theory of value and distribution.  Garegnani articulates and extends Sraffa’s contribution in two directions: the critique of marginalist theory with respect to the treatment of capital, and the reappraisal of...