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Has The Okishio Theorem Been Refuted?

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  • Dong‐Min Rieu

Abstract

This paper evaluates the alleged refutation of the Okishio theorem by the Temporal Single‐System Interpretation (TSSI) of Marxian value theory. The TSSI's refutation of the Okishio theorem requires not only changes in the definition of the rate of profit but also an arbitrary assumption about the time paths of labour productivity and prices. An ad hoc assumption about price changes used to disprove the Okishio theorem is meaningless because the aim of Marx's economics was to explain capitalist exploitation and accumulation without resorting to exogenously given changes on the market.

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  • Dong‐Min Rieu, 2009. "Has The Okishio Theorem Been Refuted?," Metroeconomica, Wiley Blackwell, vol. 60(1), pages 162-178, February.
    • Handle: RePEc:bla:metroe:v:60:y:2009:i:1:p:162-178
    DOI: 10.1111/j.1467-999X.2008.00352.x
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    References listed on IDEAS

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    1. Salvadori, Neri, 1981. "Falling Rate of Profit with a Constant Real Wage: An Example," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 5(1), pages 59-66, March.
    2. Okishio, Nobuo, 1977. "Notes on Technical Progress and Capitalist Society," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 1(1), pages 93-100, March.
    3. Freeman, Alan & Kliman, Andrew, 2000. "Two Concepts of Value, Two Rates of Profit, Two Laws of Motion," MPRA Paper 6715, University Library of Munich, Germany.
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    Cited by:

    1. Hiroshi Onishi, 2015. "Non-Western Marxist Traditions in Northeast Asia," Keio-IES Discussion Paper Series 2015-001, Institute for Economics Studies, Keio University.

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