HAS THE OKISHIO THEOREM BEEN REFUTED?

Dong-Min Rieu

Metroeconomica, 2009, vol. 60, issue 1, pages 162-178

Abstract: This paper evaluates the alleged refutation of the Okishio theorem by the Temporal Single-System Interpretation (TSSI) of Marxian value theory. The TSSI's refutation of the Okishio theorem requires not only changes in the definition of the rate of profit but also an arbitrary assumption about the time paths of labour productivity and prices. An ad hoc assumption about price changes used to disprove the Okishio theorem is meaningless because the aim of Marx's economics was to explain capitalist exploitation and accumulation without resorting to exogenously given changes on the market. Copyright © 2008 The Author. Journal compilation © 2008 Blackwell Publishing Ltd.

Date: 2009

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