Nobuo Okishio was a Japanese Marxian economist and emeritus professor of Kobe University.
18 Facts About Nobuo Okishio
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Nobuo Okishio soon began to doubt the premises and results of modern economics, and decided to search for alternatives by studying Marxian economics.
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Nobuo Okishio wrote many papers covering various important fields in modern and Marxian economics, for example value and price, accumulation theory, critical analysis of Keynesian economics, trade cycle theory and on the long run tendency of capitalistic economy.
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The value equation presented by Nobuo Okishio determines the amount of labor directly and indirectly needed to produce one unit of commodity as follows.
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Nobuo Okishio's proof has effects to persuade the validity of Marxian propositions to much more non-Marxian economists at present.
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Nobuo Okishio himself tried it at the first time in 1958 in Japanese economy and since then we have many measurement investigations in many countries.
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Nobuo Okishio's work is related to clarifying the logic of Marx's theory.
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Nobuo Okishio showed that if new technologies with increasing organic composition of production are continuously introduced, then the rate of profit must fall and the unemployment must increase.
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Nobuo Okishio's arguments depend on several assumptions: the real wage rate is constant before and after the technical change, the comparison is made about the equilibrium rate of profit, the rate of profit is defined by the reproduction-cost principle.
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The crux of Nobuo Okishio's theorem is that, given constant technological progress in the capitalist system of change, if the rate of profit falls in the long run, real wage rate must be increasing.
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Nevertheless, Nobuo Okishio's theorem is relevant because it denies that the FRP is established automatically from technical change by itself.
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Nobuo Okishio critically investigated non-Marxian economists with a lot of energy, especially Keynes and Harrod.
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Nobuo Okishio examined the capitalistic property of Keynes aggregate supply function Z and showed an alternative way of raising employment by changing Aggregate Supply Function.
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Nobuo Okishio investigated the movement of real wage rate in an accumulation process and considered investment demands as the most dominant determinant of real wage rate in the short run and the natural growth rate as determining the long run real wage rate.
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Nobuo Okishio wrote many papers to clarify the Harrod instability logic and showed that instability is an inherent characteristic in the accumulation process of the capitalist economy.
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Nobuo Okishio obtained the conclusion that instability is the robust property of capitalist accumulation.
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Nobuo Okishio's theorem is the proposition obtained by comparing the equilibrium rate of profit before and after the introduction of new technology.
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On this point Nobuo Okishio's argument is composed of the following two propositions.