@techreport{Wright2011Classical,
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.},
address = {Milton Keynes},
author = {Ian Wright},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {330; Preistheorie; Anpassung; Nachfrage; Theorie},
language = {eng},
number = {76},
publisher = {Economics Department, Faculty of Social Sciences, the Open Univ.},
title = {Classical macrodynamics and the labor theory of value},
type = {Open Discussion Papers in Economics, The Open University},
url = {http://hdl.handle.net/10419/65700},
year = {2011}
}
