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dc.contributor.authorWright, Ianen
dc.date.accessioned2011-03-17-
dc.date.accessioned2012-11-01T13:56:45Z-
dc.date.available2012-11-01T13:56:45Z-
dc.date.issued2011-
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
dc.language.isoengen
dc.publisher|aThe Open University, Economics Department |cMilton Keynesen
dc.relation.ispartofseries|aOpen Discussion Papers in Economics |x76en
dc.subject.ddc330en
dc.subject.stwPreistheorieen
dc.subject.stwAnpassungen
dc.subject.stwNachfrageen
dc.subject.stwTheorieen
dc.titleClassical macrodynamics and the labor theory of value-
dc.typeWorking Paperen
dc.identifier.ppn654352569en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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