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The Open University, Milton Keynes >
Department of Economics, Faculty of Social Sciences, The Open University >
Open Discussion Papers in Economics, The Open University >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/65700
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Wright, Ian | | en_US |
| dc.date.accessioned | | 2011-03-17 | | en_US |
| dc.date.accessioned | | 2012-11-01T13:56:45Z | | - |
| dc.date.available | | 2012-11-01T13:56:45Z | | - |
| dc.date.issued | | 2011 | | en_US |
| 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_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | Economics Department, Faculty of Social Sciences, the Open Univ. Milton Keynes | | en_US |
| dc.relation.ispartofseries | | Open Discussion Papers in Economics, The Open University 76 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.stw | | Preistheorie | | en_US |
| dc.subject.stw | | Anpassung | | en_US |
| dc.subject.stw | | Nachfrage | | en_US |
| dc.subject.stw | | Theorie | | en_US |
| dc.title | | Classical macrodynamics and the labor theory of value | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 654352569 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | en_US |
| Appears in Collections: | | Open Discussion Papers in Economics, The Open University
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