On the Dynamics of Capitals in Movement - Refutation of Okishio's theorem

Norbert Ankri
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Norbert Ankri: INSERM - Institut National de la Santé et de la Recherche Médicale

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Abstract: Using the same formalism as Okishio, we refute his mathematical proof, which argues against the tendency of the average profit rate to fall (TRPF) due to the rising organic composition of capital. This refutation becomes both clear and possible when we account for the socially solvent needs of the economy. These needs lead us to treat Marx's two equalities-between the total surplus value and total profit, and between total value and total price-as conservation laws. We apply our reasoning within the framework of a simple three-industry model.

Keywords: B51 D46 D33 Okishios'theorem theory of value tendency of the rate of profit to fall (TRPF) surplus value. Transformation; B51; D46; D33 Okishios'theorem; theory of value; tendency of the rate of profit to fall (TRPF); surplus value. Transformation (search for similar items in EconPapers)
Date: 2024-10-28
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