Under the assumption of constant real wage,Okishio’s theorem shows that profit rates do not fall after any viable technical change.Research has indicated that if real wages rise after the introduction of technical ch...Under the assumption of constant real wage,Okishio’s theorem shows that profit rates do not fall after any viable technical change.Research has indicated that if real wages rise after the introduction of technical change and then profit rates fall,then such fall in profit rates belongs to the realm of profit squeeze theory,which leads to the claim of the impossibility of a consistent theory of declining profit rate based on Marx’s insight.The present study proposes a two-channel framework to distinguish the mechanism of rising organic composition of capital from that of profit squeeze,and show that any viable capital-using and labor-saving technical change would lower the profit rate if the wage/profit ratio is unaffected in a multi-sector setting.展开更多
基金supported by the Fundamental Research Funds for the Central Universitiesthe Research Funds of Renmin University of China under Grant 21XNF014
文摘Under the assumption of constant real wage,Okishio’s theorem shows that profit rates do not fall after any viable technical change.Research has indicated that if real wages rise after the introduction of technical change and then profit rates fall,then such fall in profit rates belongs to the realm of profit squeeze theory,which leads to the claim of the impossibility of a consistent theory of declining profit rate based on Marx’s insight.The present study proposes a two-channel framework to distinguish the mechanism of rising organic composition of capital from that of profit squeeze,and show that any viable capital-using and labor-saving technical change would lower the profit rate if the wage/profit ratio is unaffected in a multi-sector setting.
