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- Okishio's_theorem abstract "Okishio's theorem is a theorem formulated by Japanese economist Nobuo Okishio. It has had a major impact on debates about Marx's theory of value. Intuitively, it can be understood as saying that if one capitalist raises his profits by introducing a new technique that cuts his costs, the collective or general rate of profit in society – for all capitalists – goes up.Okishio [1961] establishes this theorem under the assumption that the real wage – the price of the commodity basket which workers consume – remains constant. Thus, the theorem isolates the effect of 'pure' innovation from any consequent changes in the wage.For this reason the theorem, first proposed in 1961, excited great interest and controversy because, according to Okishio, it contradicts Marx's law of the tendency of the rate of profit to fall. Marx had claimed that the new general rate of profit, after a new technique has spread throughout the branch where it has been introduced, would be lower than before. In modern words, the capitalists would be caught in a rationality trap or prisoner's dilemma: that which is rational from the point of view of a single capitalist, turns out to be irrational for the system as a whole, for the collective of all capitalists. This result was widely understood, including by Marx himself, as establishing that capitalism contained inherent limits to its own success. Okishio's theorem was therefore received in the West as establishing that Marx's proof of this fundamental result was inconsistent.More precisely, the theorem says that the general rate of profit in the economy as a whole will be higher if a new technique of production is introduced in which, at the prices prevailing at the time that the change is introduced, the unit cost of output in one industry is less than the pre-change unit cost. The theorem, as Okishio (1961:88) points out, does not apply to non-basic branches of industry.The proof of the theorem may be most easily understood as an application of the Perron–Frobenius theorem. This latter theorem comes from a branch of linear algebra known as the theory of nonnegative matrices. A good source text for the basic theory is Seneta (1973). The statement of Okishio's theorem, and the controversies surrounding it, may however be understood intuitively without reference to, or in-depth knowledge of, the Perron–Frobenius theorem or the general theory of nonnegative matrices.".
- Okishio's_theorem wikiPageExternalLink 1290.
- Okishio's_theorem wikiPageID "7133142".
- Okishio's_theorem wikiPageRevisionID "575799932".
- Okishio's_theorem hasPhotoCollection Okishio's_theorem.
- Okishio's_theorem subject Category:Economics_theorems.
- Okishio's_theorem subject Category:History_of_economic_thought.
- Okishio's_theorem subject Category:Marxist_theory.
- Okishio's_theorem type Abstraction100002137.
- Okishio's_theorem type Communication100033020.
- Okishio's_theorem type EconomicsTheorems.
- Okishio's_theorem type Message106598915.
- Okishio's_theorem type Proposition106750804.
- Okishio's_theorem type Statement106722453.
- Okishio's_theorem type Theorem106752293.
- Okishio's_theorem comment "Okishio's theorem is a theorem formulated by Japanese economist Nobuo Okishio. It has had a major impact on debates about Marx's theory of value.".
- Okishio's_theorem label "Okishio's theorem".
- Okishio's_theorem label "Okishio-Theorem".
- Okishio's_theorem label "Teorema de Okishio".
- Okishio's_theorem label "Teoremat Okishio".
- Okishio's_theorem sameAs Okishio-Theorem.
- Okishio's_theorem sameAs Teorema_de_Okishio.
- Okishio's_theorem sameAs Teoremat_Okishio.
- Okishio's_theorem sameAs m.0h5x8y.
- Okishio's_theorem sameAs Q663129.
- Okishio's_theorem sameAs Q663129.
- Okishio's_theorem sameAs Okishio's_theorem.
- Okishio's_theorem wasDerivedFrom Okishio's_theorem?oldid=575799932.
- Okishio's_theorem isPrimaryTopicOf Okishio's_theorem.