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https://hdl.handle.net/10419/65700
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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Wright, Ian | en |
dc.date.accessioned | 2011-03-17 | - |
dc.date.accessioned | 2012-11-01T13:56:45Z | - |
dc.date.available | 2012-11-01T13:56:45Z | - |
dc.date.issued | 2011 | - |
dc.identifier.uri | http://hdl.handle.net/10419/65700 | - |
dc.description.abstract | This paper outlines a multisector dynamic model of the convergence of market prices to natural prices in conditions of fixed technology and composition of demand. Prices and quantities adjust in real-time in response to excess supplies and differential profit-rates. Finance capitalists earn interest income by supplying money-capital to fund production. Industrial capitalists, as the owners of firms, are liable for profits and losses. Market prices stabilize to profit-equalizing prices of production proportional to the total coexisting labor required to reproduce commodities. This result resolves the classical problem of the incommensurability between money and labor-value accounts in conditions of profits on stock, i.e. Marx's transformation problem. | en |
dc.language.iso | eng | en |
dc.publisher | |aThe Open University, Economics Department |cMilton Keynes | en |
dc.relation.ispartofseries | |aOpen Discussion Papers in Economics |x76 | en |
dc.subject.ddc | 330 | en |
dc.subject.stw | Preistheorie | en |
dc.subject.stw | Anpassung | en |
dc.subject.stw | Nachfrage | en |
dc.subject.stw | Theorie | en |
dc.title | Classical macrodynamics and the labor theory of value | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 654352569 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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