We study power control in a multi-cell CDMA wireless system whereby self-interested users share a common spectrum and interfere with each other. Our objective is to design a power control scheme that achieves a (near) optimal power allocation with respect to any predetermined network objective (such as the maximization of sum-rate, or some fairness criterion). To obtain this, we introduce the potential-game approach that relies on approximating the underlying noncooperative game with a "close" potential game, for which prices that induce an optimal power allocation can be derived. We use the proximity of the original game with the approximate game to establish through Lyapunov-based analysis that natural user-update schemes (applied to the original game) converge within a neighborhood of the desired operating point, thereby inducing near-optimal performance in a dynamical sense. Additionally, we demonstrate through simulations that the actual performance can in practice be very close to optimal, even when the approximation is inaccurate. As a concrete example, we focus on the sum-rate objective, and evaluate our approach both theoretically and empirically.