The method of using model analysis in discussing a crisis was presented by Okishio (1976). He insisted that crisis theory is part of the assumption of Marx's schema of reproduction (Say's identity), and introduced independent investment function. Nagashima price adjustment model (1994), (2006) examined in this paper is one of the models in which the investment function is introduced. This model has already been examined by Ishikura (2007) and Nakatani (2007). However, both Ishikura (2007)and Nakatani (2007) evaluate the Nagashima model from the growth theory viewpoint. In this paper, I reexamine the character of the model from a crisis theory view. The purpose of the model concerned was to set up the system including crisis by getting rid of Marx's schema of reproduction, and introducing the investment function. Nevertheless, it is proven in this paper that the Nagashima model does not contain the crisis (supply-demand imbalance). In his model disequilibrium in goods market is dissolved without fail because demand side is smoothly adjusted according to the supply. In a word, "quasi-Say's law (Say's equity)" exists. This becomes clear by investigating the determination mechanism of the temporary equilibrium in his model. First§the Two-secter model of Nagashima is converted into single sector, holding its essential characters. Second, by using this one-secter model, the mechanism achievement of temporary equilibrium is clarified. As a result, it can be shown that the supply-demand imbalance can not be discussed in his model. Third, the structural aspect of the Nagashima model is made clearer through the comparison with Okishio operation rates model. And the equilibrium that Nagashima states (constant price) is examined. Finally, after the wage function is simplified, a general solution of the model is derived. Consequently, a general character of the model can be investigated. However, regarding this general solution it must be noted that the long-term continuation condition is shown after the supply-demand imbalance is removed.
