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Nobuo OkishioJapanese Marxist economist and professor emeritus at Kobe University
Date of Birth: 02.01.1927
Country:  Japan |
Content:
- Nobutō Ōkishiō: A Pioneering Marxist Economist
- Marxist Economics and Formal Proofs
- Contributions to Economic Theory
- Mathematical Formalization of Surplus Value
- Resistance to the Law of the Tendency of the Rate of Profit to Fall
- Critique of Neo-Ricardian Economics
- Legacy and Impact
Nobutō Ōkishiō: A Pioneering Marxist Economist
Early Life and EducationNobutō Ōkishiō was born on January 2, 1927, in Hyōgo-ku, Kobe. He pursued mathematical economics under the guidance of Professor Kazuo Mizutani and graduated from Kobe University in 1950.
Marxist Economics and Formal Proofs
Dissatisfied with mainstream economic assumptions, Ōkishiō delved into Marxist economics. He sought to clarify the logic of Marx's economic system through formal and mathematical proofs. Notably, in 1955, he presented the first proof of the "Marxian fundamental theorem" (later known as Michio Morishima's theorem), proving that the exploitation of surplus labor is a necessary condition for positive profit.
Contributions to Economic Theory
Ōkishiō's research spanned various areas in both conventional and Marxist economics, including value and price theory, accumulation theory, critique of Keynesian economics, business cycle theory, and long-term development strategies for capitalist economies. He published over 20 books and 200 articles, primarily in Japanese.
Mathematical Formalization of Surplus Value
Using an equation that quantified Marxian value, Ōkishiō mathematically demonstrated the Marxian proposition about surplus labor exploitation. He applied this equation to input-output tables developed after World War II, conducting empirical measurements on the Japanese economy in 1958 and later expanding to other countries.
Resistance to the Law of the Tendency of the Rate of Profit to Fall
In his "A Formal Proof of Marx's Two Theorems," Ōkishiō attempted to prove the "tendency of the rate of profit to fall" and the "tendency of unemployment to grow." However, in his 1961 work "Technical Change and the Rate of Profit," he presented the famous Ōkishiō's Theorem, which showed that technological advancements in core sectors would lead to an increase in the rate of profit, not its decline.
Critique of Neo-Ricardian Economics
Drawing on the theoretical framework of neo-Ricardian economics, Ōkishiō criticized Marx's assumptions and refuted the law of the tendency of the rate of profit to fall. According to his model, labor-saving technological progress would result in an increase in the overall rate of profit.
Legacy and Impact
Ōkishiō's critique of the law of the tendency of the rate of profit to fall has been accepted by some Marxists, who argue that this disproved law is not central to Marxist theory. Nonetheless, his work remains a significant contribution to the understanding of Marxist and capitalist economics.
