Organic Composition of Capital, Falling Rate of Profit and ‘Preferential Growth of the First Sector’ in the Marxian Optimal Growth Model
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Marxist economics claims that capitalism has some long-term tendencies. Because such kinds of trends have a very close relation with the decline or death of capitalism, they must be analyzed by models that also express its decline. For this purpose, we apply the Marxian Optimal Growth Model, which was constructed by Yamashita & Ohnishi (2002). Even if this appearance is neoclassical but includes many Marxist conclusions. In this paper, firstly we introduce its basic model structure. Secondly, we decompose the total value of the two sectors into C, V, and S. Thirdly, we calculate the final values of C, V,and S that they approach in the long run, and by applying them we project the long-term trend of organic composition of capital, rate of profit and ratio of output between the two sectors. Our conclusions are: (1) the organic composition of capital rises, (2) the profit rate falls, and (3) the ratio of output of the first sector falls. The second conclusion is in opposition to the Okishio Theorem, and the third is in opposition to Lenin.
Abstract
Marxist economics claims that capitalism has some long-term tendencies. Because such kinds of trends have a very close relation with the decline or death of capitalism, they must be analyzed by models that also express its decline. For this purpose, we apply the Marxian Optimal Growth Model, which was constructed by Yamashita & Ohnishi (2002). Even if this appearance is neoclassical but includes many Marxist conclusions. In this paper, firstly we introduce its basic model structure. Secondly, we decompose the total value of the two sectors into C, V, and S. Thirdly, we calculate the final values of C, V,and S that they approach in the long run, and by applying them we project the long-term trend of organic composition of capital, rate of profit and ratio of output between the two sectors. Our conclusions are: (1) the organic composition of capital rises, (2) the profit rate falls, and (3) the ratio of output of the first sector falls. The second conclusion is in opposition to the Okishio Theorem, and the third is in opposition to Lenin.
참고문헌 (8)
- Kanae, R., "The realism and value", price problems of Marxian optimal growth theory, 2008, pp.182(5-6), ~
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- Ohnishi, H., "The Historical Position of Mature Societies, in From Unequal Societies to Mature Societies" (2007), Otsuki Shoten
- Ohnishi, H., "Achievements and Remaining Challenges in Marxian Optimal Growth Theory", Ritsumeikan Economic Review, 56(5) (2008), Ritsumeikan University Economics Association
- Okishio, N., "Theory of Accumulation" (1967), Chikuma Shobo
- Takahashi, T., "Markets and Panics: Stability and Instability in the Capitalist Economy" (2009), Houritsu Bunka Sha
- Yamashita, Y., "Reconstructuring Marxism as a Neoclassical Optimal Growth Model", Study on Politics and Economy, (78) (2002)
- Yamashita, Y., "The Various Characteristics of the ‘Marxian Model’ and the Primary Nature of Labor as a Factor of Production", Keizai-Ronso, 172(3) (2003), Kyoto University