This paper argues that Marx’s law of the falling rate of profit applies to the problematic of choice of technique in the context of accumulation of capital, and not to the problematic of choice of technique in the context of technological change or new innovation as such. In this context,...

This article highlights some of Sraffa’s main contributions to the methodology of economics. It argues that Sraffa rejected counterfactual reasoning and hence the ‘marginal method’ of analysis. Sraffa’s theory is built solely on factual and objective information and...

This paper is a critical examination of the notion of equilibrium in the classical theory of value. It highlights the theoretical importance as well as the problems associated with the notion of equilibrium in the classical theory and goes on to argue that Sraffa presents a theory of value...