Sraffa (Richard Edward Sraffa)

Richard Edward Sraffa was a renowned economist who challenged traditional ideas about how prices and profits are determined in a capitalist economy. In his influential work, he showed that prices depend on the relationships between the costs of producing goods and the overall structure of the economy, rather than solely on supply and demand. Sraffa's approach emphasizes the importance of the production process and input relationships, offering a different way to analyze economic systems beyond classical and neoclassical theories. His ideas have significantly influenced economic theory, especially in understanding the complex dynamics of production and distribution.