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.
- Language
-
Englisch
- Bibliographic citation
-
Series: Open Discussion Papers in Economics ; No. 75
- Classification
-
Wirtschaft
- Subject
-
Preistheorie
Anpassung
Theorie
- Event
-
Geistige Schöpfung
- (who)
-
Wright, Ian
- Event
-
Veröffentlichung
- (who)
-
The Open University, Economics Department
- (where)
-
Milton Keynes
- (when)
-
2011
- Handle
- Last update
-
10.03.2025, 11:45 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Wright, Ian
- The Open University, Economics Department
Time of origin
- 2011
Other Objects (12)
Convergence of European natural gas prices
Convergence to Price-Taking Behavior in a Simple Market
Price convergence and information efficiency in German natural gas markets
Rising US LNG exports and global natural gas price convergence
Essays on prices and price convergence
Essays on prices and price convergence
Real convergence, price level convergence and inflation in Europe
Real convergence, price level convergence and inflation differentials in Europe
Real Convergence, Price Level Convergence and Inflation Differentials in Europe
Price Convergence across Regions in India
Dynamic Factor Price Equalization & International Convergence
Price convergence in the enlarged internal market
Convergence of European natural gas prices
Convergence to Price-Taking Behavior in a Simple Market
Price convergence and information efficiency in German natural gas markets
Rising US LNG exports and global natural gas price convergence
Essays on prices and price convergence
Essays on prices and price convergence
Real convergence, price level convergence and inflation in Europe
Real convergence, price level convergence and inflation differentials in Europe
Real Convergence, Price Level Convergence and Inflation Differentials in Europe
Price Convergence across Regions in India
Dynamic Factor Price Equalization & International Convergence
Price convergence in the enlarged internal market
Convergence of European natural gas prices
Convergence to Price-Taking Behavior in a Simple Market
Price convergence and information efficiency in German natural gas markets
Rising US LNG exports and global natural gas price convergence
Essays on prices and price convergence
Essays on prices and price convergence
Real convergence, price level convergence and inflation in Europe
Real convergence, price level convergence and inflation differentials in Europe
Real Convergence, Price Level Convergence and Inflation Differentials in Europe
Price Convergence across Regions in India
Dynamic Factor Price Equalization & International Convergence