Notes on Michio Morishima&apos;s Understanding of Marxian Economics

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World Review of Political Economy

Volume 10, Issue 3

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Notes on Michio Morishima's Understanding of Marxian Economics

research-article

Author(s): Xian Zhang

Publication date (Print): 1 October 2019

Journal: World Review of Political Economy

Publisher: Pluto Journals

Keywords: Michio Morishima, Marxian economics, formalization, the logic of economics, the logic of mathematics, critical thinking

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Abstract

Michio Morishima's recapitulation and study of Marxian economics by means of mathematical methods focus primarily on the typical themes such as the labor theory of value, the theory of exploitation, the transformation problem, the theory of reproduction and so on, which provides a new mathematical perspective for understanding Marxian economics. However, Morishima's understanding of Marxian economics is full of contradictions: on the one hand, he speaks highly of Marxian economics, believing that Marx has conducted pioneering work in and made innovative contributions to general equilibrium theory, dynamic general equilibrium theory, contemporary economic growth theory, input–output analysis and the dual dualities of commodity production society and the like important fields and front subjects of modern economics, in particular Morishima, employing mathematical methods, has proved the objectivity of values and the sufficiency and necessity of exploitation to capitalism; on the other hand, Morishima attempts to integrate Marxian economics into orthodox economics, and finally contends abandoning the labor theory of value, the theory of exploitation (the theory of surplus value) and the theory of the breakdown of capitalism. The work of Morishima shows that formalized Marxian economics must follow the logic of Marxian economics, otherwise, replacing the logic of economics with the logic of mathematics will lead to erroneous results.

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Journal

Journal ID (doi): 10.2307/j50005553

Journal ID (jcode): worlrevipoliecon

Title: World Review of Political Economy

Publisher: Pluto Journals

ISSN: 2042-891X

ISSN: 2042-8928

Publication date (Print): 1 October 2019

Volume: 10

Issue: 3 ( doiID: 10.13169/worlrevipoliecon.10.issue-3 )

Pages: 280-301

Article

Publisher ID: worlrevipoliecon.10.3.0280

DOI: 10.13169/worlrevipoliecon.10.3.0280

SO-VID: 9c25f4b4-6f81-4971-8993-a19198a02620

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lang eng

ScienceOpen disciplines: Political economics

Keywords: critical thinking,the logic of mathematics,the logic of economics,formalization,Marxian economics,Michio Morishima

References

Keynes, J. 1983. The General Theory of Employment, Interest and Money. [In Chinese.] Beijing: The Commercial Press.
Marx, K. 2004a. Capital, vol. 1. [In Chinese.] Beijing: People's Publishing House.
Marx, K. 2004b. Capital, vol. 2. [In Chinese.] Beijing: People's Publishing House.
Marx, K. 2004c. Capital, vol. 3. [In Chinese.] Beijing: People's Publishing House.
Morishima, M. 1964. Equilibrium, Stability and Growth. London: Oxford University Press.
Morishima, M. 1969. Theory of Economic Growth. London: Oxford University Press.
Morishima, M. 1973. Marx's Economics: A Dual Theory of Value and Growth. London: Cambridge University Press.

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[1] Keynes, J. 1983. The General Theory of Employment, Interest and Money. [In Chinese.] Beijing: The Commercial Press.

[2] Marx, K. 2004a. Capital, vol. 1. [In Chinese.] Beijing: People's Publishing House.

[3] Marx, K. 2004b. Capital, vol. 2. [In Chinese.] Beijing: People's Publishing House.

[4] Marx, K. 2004c. Capital, vol. 3. [In Chinese.] Beijing: People's Publishing House.

[5] Morishima, M. 1964. Equilibrium, Stability and Growth. London: Oxford University Press.

[6] Morishima, M. 1969. Theory of Economic Growth. London: Oxford University Press.

[7] Morishima, M. 1973. Marx's Economics: A Dual Theory of Value and Growth. London: Cambridge University Press.