Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/65702
Authors: 
Wright, Ian
Year of Publication: 
2011
Series/Report no.: 
Open Discussion Papers in Economics, The Open University 75
Abstract: 
This paper describes a nonlinear dynamic model of the convergence of market prices to natural prices in a multisector simple production economy under conditions of a constant technique and composition of demand. Prices and quantities adjust in real time according to the classical principle of cross-dual dynamics. The economy gravitates toward an asymptotically stable equilibrium in which natural prices are proportional to labor-values. To demonstrate an application of the model we reply to Mirowski's (1989) critique that Marx held a contradictory substance and field theory of value.
Document Type: 
Working Paper

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