Convergence to Natural Prices in Simple Production

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

Year of publication:	2011
Authors:	Wright, Ian P.
Publisher:	[2011]: [S.l.] : SSRN
Subject:	Preistheorie \| Price theory \| Anpassung \| Adjustment

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