ABSTRACT
This chapter discusses how Marxist economists reacted to Sraffa’s model, from the very first reviews by Maurice Dobb and Ronald Meek, followed by intensified discussions among Marxists, to the hostile reactions by orthodox Marxists and some attempts of reconciliation between the post-Keynesian, Marxist, and Sraffian views on capitalism, value, and income distribution. Since then, and as a consequence of the Sraffian refutation of the labour theory of value, some Marxists and neo-Marxists have reacted by devising an amended version of it (the “New Interpretation”, with further explorations of Sraffa’s “Value Theory of Labour”, the “Temporal single system interpretation”). An alternative interpretation of the theory is proposed.
