Classical Macrodynamics and the Labor Theory of Value
Classical Macrodynamics and the Labor Theory of Value
复制标题
古典宏观动力学和劳动价值论
DOI：
10.2139/ssrn.1846783
复制
发表时间：
2011
期刊：
影响因子：
--
通讯作者：
Ian Wright
中科院分区：
文献类型：
--
作者：
Ian Wright
This 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'.
