Price equilibrium analysis based on the new theory of value

Wu Jie () and Wu Zili ()

Russian Journal of Industrial Economics, 2023, vol. 16, issue 3

Abstract: The universal measure of value has been always controversial in the traditional theory of value. Analogous to the research method of theoretical mechanics, developed from the traditional theory of value – labor theory of value, theory of surplus value and utility theory of value, the new theory of value has established a value complex variable function with labor value and use value as unknown functions, further in the mathematical logic of Euler equation and Euler formula, provided a universal measure of commodity value. On this basis, this paper focuses on the mathematical explicit expressions of value, exchange value, price and market equilibrium function that satisfy the principle of dimensional homogeneity, and the proof of the existence and stability of extremum solutions of market price equilibrium function, so as to help economics become a scientifi c theoretical system, integral with consistent logic, formed by qualitative theories, mathematical models, and computer models.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:ach:journl:y:2023:id:1222

DOI: 10.17073/2072-1633-2023-3-312-326

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