The Okishio Theorem and After
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The Okishio theorem has been a topic of heated discussion in post-war Marxian economics. The Okishio theorem states that the newly established equilibrium profit rate must rise regardless of its organic composition of capital if we consider the capitalist's behavior of introducing technology. Some of the criticism directed towards it results from misunderstanding the theorem itself; however, others question its original assumptions, namely, the definition of profit rate, its criterion for selecting new technology, and the constancy of the real wage rate before and after technical change. We will examine these criticisms in order, especially the claim, that the real wage rate remaining constant before and after technological progress is unrealistic. In a competitive economy, what dynamic fluctuation does the introduction of new technology have on production, profit rate, and price? Okishio [2001] discussed this problem in models without durable capital. We study this issue considering durable capital.
Abstract
The Okishio theorem has been a topic of heated discussion in post-war Marxian economics. The Okishio theorem states that the newly established equilibrium profit rate must rise regardless of its organic composition of capital if we consider the capitalist's behavior of introducing technology. Some of the criticism directed towards it results from misunderstanding the theorem itself; however, others question its original assumptions, namely, the definition of profit rate, its criterion for selecting new technology, and the constancy of the real wage rate before and after technical change. We will examine these criticisms in order, especially the claim, that the real wage rate remaining constant before and after technological progress is unrealistic. In a competitive economy, what dynamic fluctuation does the introduction of new technology have on production, profit rate, and price? Okishio [2001] discussed this problem in models without durable capital. We study this issue considering durable capital.
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