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Convergence to natural prices in simple production

  • Ian Wright

    (Department of Economics, Faculty of Social Sciences, The Open University)

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.

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Paper provided by The Open University, Faculty of Social Sciences, Department of Economics in its series Open Discussion Papers in Economics with number 75.

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Length: 19 pages
Date of creation: Mar 2011
Date of revision:
Handle: RePEc:opn:wpaper:75
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