Hahn's (1982) influential critique of Sraffa (1960) crucially rests on his conclusion that "the only falsifiable entailment of the Sraffa equations is the postulate of a uniform rate of profit". This paper argues that the uniformity of the rates of profit in Sraffa’s system is not an...

This paper presents an alternative to both Sraffa’s and his critics’ interpretations of the nature of Ricardo’s search for an ‘invariable measure of value’. It points out that Ricardo recognised two causes of change in the relative values of commodities: (i) changes in the labour...