Season 1 · Episode 332
Piero Sraffa and the non-existent supply curve
Economics is based on the idea of intersecting supply and demand curves. But what if the supply curve doesn’t really exist? Steve Keen talks through the work of Piero Sraffa.
Debunking Economics - the podcast · Steve Keen & Phil Dobbie
January 2, 202340m 55s
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Show Notes
Most people think economics can be summarised in just two words – supply and demand. Where they cross that determines price and as they move the price moves. But what if the supply curve is wrong, or meaningless. One of the first economists to question that was Piero Sraffa, an Italian economist who had grave misgivings about the law of diminishing returns. Steve Keen talks through Sraffa’s life and theories on this week’s Debunking Economics podcast.
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