Competition and Production Prices

Nobuo Okishio

Cambridge Journal of Economics, 2001, vol. 25, issue 4, 493-501

Abstract: My theorem, the so-called Okishio theorem, is a comparative statics result. Therefore, it has no realistic meaning if capitalists' competition does not establish a new equilibrium following the introduction of a new production method. Marx firmly believed that a new equilibrium was established. In this paper, we investigate the capitalist process without technical change. If we choose the proper parameters and initial conditions, all profit rates converge to zero, Schumpeter's result. Copyright 2001 by Oxford University Press.

Date: 2001
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