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Convergence to natural prices in simple production

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  • Ian Wright

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

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.

Suggested Citation

  • Ian Wright, 2011. "Convergence to natural prices in simple production," Open Discussion Papers in Economics 75, The Open University, Faculty of Social Sciences, Department of Economics.
  • Handle: RePEc:opn:wpaper:75
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    Cited by:

    1. Jonathan F. Cogliano & Roberto Veneziani & Naoki Yoshihara, 2016. "The Dynamics of Exploitation and Class in Accumulation Economies," Metroeconomica, Wiley Blackwell, vol. 67(2), pages 242-290, May.

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