Arbeitspapier
Convergence to natural prices in simple production
This paper describes a nonlinear dynamic model of the convergence of market prices to natural prices in a multisector simple production economy under conditions of a constant technique and composition of demand. Prices and quantities adjust in real time according to the classical principle of cross-dual dynamics. The economy gravitates toward an asymptotically stable equilibrium in which natural prices are proportional to labor-values. To demonstrate an application of the model we reply to Mirowski's (1989) critique that Marx held a contradictory substance and field theory of value.
- Sprache
-
Englisch
- Erschienen in
-
Series: Open Discussion Papers in Economics ; No. 75
- Klassifikation
-
Wirtschaft
- Thema
-
Preistheorie
Anpassung
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Wright, Ian
- Ereignis
-
Veröffentlichung
- (wer)
-
The Open University, Economics Department
- (wo)
-
Milton Keynes
- (wann)
-
2011
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Wright, Ian
- The Open University, Economics Department
Entstanden
- 2011
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