The Ricardian Counterrevolution Erupted with Piero Sraffa’s Review of Hayek’s Book, Prices and Production

We must not forget that although neo-Ricardians may have been circumstantial allies to the Austrians in their criticism of the neoclassical trend, the neo-Ricardians’ stated objective is precisely to neutralize the influence (which is not yet strong enough, in our opinion) exerted on economics since 1871 by the subjectivist revolution Menger started. The Ricardian counterrevolution erupted with Piero Sraffa’s review of Hayek’s book, Prices and Production, as Ludwig M. Lachmann points out in his article, “Austrian Economics under Fire: The Hayek-Sraffa Duel in Retrospect”... We should also mention Joan Robinson’s work published in 1953 and devoted to criticizing the neoclassical production function.... On the neoclassical side, see the famous article by Paul A. Samuelson, who declared his unconditional surrender to the Cambridge Switching Theorem.

--Jesús Huerta de Soto, Money, Bank Credit, and Economic Cycles, trans. Melinda A. Stroup (Auburn, AL: Ludwig von Mises Institute, 2006), 575n93.