On the Sraffa's Challenge to Neoclassical Value Theory

Sraffian value theory is a kind of value theory independent of neoclassical value theory and labor value theory. Looking back on the academic history of Sraffa's several debates on neoclassical economics, the author finds that criticized Marshall's value theory in his early days. In the book “Produce Commodities with Commodities”, Sraffa pointed out the problem of circular demonstration in the neo-classical value theory, constructed “standard commodities and standard system” as the “invariable standard of value”, and proposed that “the formation of value and the distribution of value are in the same process”, thus successfully integrating the determination of value with the distribution of surplus, inheriting and reviving the tradition of classical economics focusing on economic surplus analysis.