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2020 | OriginalPaper | Chapter

12. From Ricardo to Sraffa: Gold as Monetary Standard in a Classical Theory of Money

Authors : Carlo Benetti, Jean Cartelier

Published in: New Perspectives on Political Economy and Its History

Publisher: Springer International Publishing

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Abstract

This chapter inquires into what could or should be a Classical theory of money and prices sixty years after Sraffa’s Production of Commodities by Means of Commodities’ publication. It takes as granted three basic propositions: (i) Sraffa’s system of prices is relevant for determining Classical natural prices; (ii) a monetary standard (gold) is central to a Classical theory of money; (iii) Cantillon-Smith rule is pivotal to Classical market prices determination. The authors contend that: (i) the coexistence of a natural price and a legal price of gold is a necessary condition for a Classical theory of money; (ii) the market price of gold cannot be different from its legal price (no arbitrage); and (iii) the regulation of the quantity of money remains an open question.

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previous chapter How Ricardo Came to Japan
next chapter Dialogues Manqués Between Antonio Gramsci and Piero Sraffa on Ricardo, Classical Political Economy and ‘Pure Economics’
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Metadata
Title
From Ricardo to Sraffa: Gold as Monetary Standard in a Classical Theory of Money
Authors
Carlo Benetti
Jean Cartelier
Copyright Year
2020
Publisher
Springer International Publishing
Book
New Perspectives on Political Economy and Its History

Print ISBN: 978-3-030-42924-9

Electronic ISBN: 978-3-030-42925-6

Copyright Year: 2020

DOI
https://doi.org/10.1007/978-3-030-42925-6_12