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dc.contributor.authorWright, Ianen_US
dc.date.accessioned2011-03-17en_US
dc.date.accessioned2012-11-01T13:56:45Z-
dc.date.available2012-11-01T13:56:45Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/65700-
dc.description.abstractThis 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.isoengen_US
dc.publisherEconomics Department, Faculty of Social Sciences, the Open Univ. Milton Keynesen_US
dc.relation.ispartofseriesOpen Discussion Papers in Economics, The Open University 76en_US
dc.subject.ddc330en_US
dc.subject.stwPreistheorieen_US
dc.subject.stwAnpassungen_US
dc.subject.stwNachfrageen_US
dc.subject.stwTheorieen_US
dc.titleClassical macrodynamics and the labor theory of valueen_US
dc.typeWorking Paperen_US
dc.identifier.ppn654352569en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Open Discussion Papers in Economics, The Open University

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