This paper examines the critique of the Okishio theorem by the
temporal single system interpretation.
The orthodox interpretation of Marx’s value theory determines the
value/price magnitudes by using simultaneous equations. In this process,
the magnitude of constant capital is calculated as current cost, and a
technical innovation results in the increase in the rate of profit (Okishio
theorem). Even though it is diametrically opposite to Marx, this story has
been widely supported by not only neo-classical economists but also
Marxian economists.
However, the temporal single system interpretation (TSSI) has criticized
the Okishio theorem since the 1980 s. The TSSI rejects simultaneous
equations to determine the magnitudes of values/prices, and uses the logic
of the circuit of capital. In this process, the magnitude of constant capital is
calculated as historical cost. Because the magnitude of constant capital
doesn’t re-valued, the rate of profit falls in case of a technical innovation.
The difference between the orthodox interpretation and the TSSI
becomes apparent when technical innovations are incessant. Especially
when incessant technical innovations occur in the sector producing fixed
capital, the gap between current cost and historical cost becomes critical.
Such incessant technical innovations are characteristic in the modern
competition of the global capitalist economy, and we see many capitals
struggling with losses from incessant technical innovations. In this process
capitals face the fall in the rate of profit, and the TSSI reflects the reality.
When Okishio submitted the theorem, the rate of profit of Japanese
economy did not fall and the Okishio theorem had the economic base.
However, the rate of profit of Japanese economy has been falling since the
1970 s and the Okishio theorem does not have the economic base any more.
From the viewpoint of the historical materialism, the economic base calls
for a change of the superstructure: from the orthodox interpretation and
the Okishio theorem to the TSSI.
TSSIによる置塩定理批判について
森本壮亮
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