The paper argues that the standard definition of labour value assumes that capitalists abstain from consumption during the period of replacement. The non standard definition of labour value assumes that capitalists consume. Both the transformation problem and the problem of an invariable measure...

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...

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...