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• Okishios_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.".
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• Okishios_theorem wikiPageWikiLink Andrew_Kliman.
• Okishios_theorem wikiPageWikiLink Capital:_Critique_of_Political_Economy.
• Okishios_theorem wikiPageWikiLink Category:Economics_theorems.
• Okishios_theorem wikiPageWikiLink Category:History_of_economic_thought.
• Okishios_theorem wikiPageWikiLink Category:Marxian_school_of_economics.
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• Okishios_theorem wikiPageWikiLink Circulating_capital.
• Okishios_theorem wikiPageWikiLink Comparative_statics.
• Okishios_theorem wikiPageWikiLink Consistency.
• Okishios_theorem wikiPageWikiLink Constant_capital.
• Okishios_theorem wikiPageWikiLink Contradictio_in_adjecto.
• Okishios_theorem wikiPageWikiLink Das_Kapital.
• Okishios_theorem wikiPageWikiLink David_Laibman.
• Okishios_theorem wikiPageWikiLink Falling_rate_of_profit.
• Okishios_theorem wikiPageWikiLink Friedrich_Engels.
• Okishios_theorem wikiPageWikiLink Inconsistent.
• Okishios_theorem wikiPageWikiLink Innovation.
• Okishios_theorem wikiPageWikiLink Investment_goods.
• Okishios_theorem wikiPageWikiLink Karl_Marx.
• Okishios_theorem wikiPageWikiLink Linear_algebra.
• Okishios_theorem wikiPageWikiLink Marx.
• Okishios_theorem wikiPageWikiLink Nobuo_Okishio.
• Okishios_theorem wikiPageWikiLink Non-basic.
• Okishios_theorem wikiPageWikiLink Nonnegative_matrix.
• Okishios_theorem wikiPageWikiLink Okishio.
• Okishios_theorem wikiPageWikiLink Organic_composition_of_capital.
• Okishios_theorem wikiPageWikiLink Perron–Frobenius_theorem.
• Okishios_theorem wikiPageWikiLink Piero_Sraffa.
• Okishios_theorem wikiPageWikiLink Prisoners_dilemma.
• Okishios_theorem wikiPageWikiLink Rate_of_exploitation.
• Okishios_theorem wikiPageWikiLink Rate_of_profit.
• Okishios_theorem wikiPageWikiLink Real_wage.
• Okishios_theorem wikiPageWikiLink Surplus_value.
• Okishios_theorem wikiPageWikiLink Temporal_single-system_interpretation.
• Okishios_theorem wikiPageWikiLink Tendency_of_the_rate_of_profit_to_fall.
• Okishios_theorem wikiPageWikiLink Theorem.
• Okishios_theorem wikiPageWikiLink Variable_capital.
• Okishios_theorem wikiPageWikiLink Wage_share.
• Okishios_theorem wikiPageWikiLinkText "Okishio".
• Okishios_theorem wikiPageWikiLinkText "Okishio's theorem".
• Okishios_theorem wikiPageWikiLinkText "theorem".
• Okishios_theorem hasPhotoCollection Okishios_theorem.
• Okishios_theorem wikiPageUsesTemplate Template:Marxian_economics.
• Okishios_theorem subject Category:Economics_theorems.
• Okishios_theorem subject Category:History_of_economic_thought.
• Okishios_theorem subject Category:Marxian_school_of_economics.
• Okishios_theorem subject Category:Marxist_theory.
• Okishios_theorem hypernym Theorem.
• Okishios_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.".
• Okishios_theorem label "Okishio's theorem".
• Okishios_theorem sameAs Okishio-Theorem.
• Okishios_theorem sameAs Teorema_de_Okishio.
• Okishios_theorem sameAs Teoremat_Okishio.
• Okishios_theorem sameAs m.0h5x8y.
• Okishios_theorem sameAs Q663129.
• Okishios_theorem sameAs Q663129.
• Okishios_theorem wasDerivedFrom Okishios_theoremoldid=675753837.
• Okishios_theorem isPrimaryTopicOf Okishios_theorem.