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Competition and Production Prices

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  • Okishio, Nobuo

Abstract

My theorem, the so-called Okishio theorem, is a comparative statics result. Therefore, it has no realistic meaning if capitalists' competition does not establish a new equilibrium following the introduction of a new production method. Marx firmly believed that a new equilibrium was established. In this paper, we investigate the capitalist process without technical change. If we choose the proper parameters and initial conditions, all profit rates converge to zero, Schumpeter's result. Copyright 2001 by Oxford University Press.

Suggested Citation

  • Okishio, Nobuo, 2001. "Competition and Production Prices," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 25(4), pages 493-501, July.
    • Handle: RePEc:oup:cambje:v:25:y:2001:i:4:p:493-501
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    Cited by:

    1. Eric Kemp-Benedict, 2022. "A classical-evolutionary model of technological change," Journal of Evolutionary Economics, Springer, vol. 32(4), pages 1303-1343, September.
    2. Hyun Woong Park & Dong-Min Rieu, 2020. "A Mathematical Formulation of the Dual Nature of Unproductive Labor," Review of Radical Political Economics, Union for Radical Political Economics, vol. 52(4), pages 716-738, December.
    3. Mariolis, Theodore, 2010. "Κριτική Έκθεση του "Νόμου της Πτωτικής Τάσης του Ποσοστού Κέρδους" του K. Marx: Κατανομή Εισοδήματος, Επισώρευση Κεφαλαίου και Τεχνολογική Μεταβολή στη Μακρά Περίοδο [Critical Exposition ," MPRA Paper 22461, University Library of Munich, Germany.
    4. Jonathan F. Cogliano & Roberto Veneziani & Naoki Yoshihara, 2022. "Computational methods and classical‐Marxian economics," Journal of Economic Surveys, Wiley Blackwell, vol. 36(2), pages 310-349, April.
    5. Kemp-Benedict, Eric, 2017. "Biased technological change and Kaldor’s stylized facts," MPRA Paper 76803, University Library of Munich, Germany.
    6. Rotta, Tomás N., 2021. "Effective Demand and Prices of Production: An Evolutionary Approach," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 90-105.
    7. Satya Prasad Padhi, 2021. "Employment dynamics, increasing returns and Marx's falling rate of profit," PSL Quarterly Review, Economia civile, vol. 74(298), pages 219-245.
    8. Freeman, Alan, 2017. "Introduction to Michel Husson's 'Value and price: a critique of neo-Ricardian claims'," MPRA Paper 89949, University Library of Munich, Germany, revised 10 Oct 2017.
    9. Freeman, Alan, 2015. "The Course of the Profit Rate," MPRA Paper 61973, University Library of Munich, Germany.
    10. Hyun Woong Park & Dong–Min Rieu, 2018. "A Puzzle about the Monetary Expression of Labor Time : An Equilibrating Mechanism or Just A Coincidence?," UMASS Amherst Economics Working Papers 2018-15, University of Massachusetts Amherst, Department of Economics.

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