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

Author

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  • Norbert Ankri

    (INSERM - Institut National de la Santé et de la Recherche Médicale)

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.

Suggested Citation

  • Norbert Ankri, 2024. "On the Dynamics of Capitals in Movement - Refutation of Okishio's theorem," Working Papers hal-04742588, HAL.
    • Handle: RePEc:hal:wpaper:hal-04742588
    Note: View the original document on HAL open archive server: https://hal.science/hal-04742588v2
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    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;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution

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