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      THE MARXIAN OPTIMAL GROWTH MODEL, REPRODUCTION SCHEME, AND GENERAL LAW OF CAPITALIST ACCUMULATION

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      World Review of Political Economy
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            Abstract

            As Professor Okishio proved the existence of exploitation mathematically, the birth, growth and death of capitalism should also be proved mathematically, and for this purpose we formulated the so-called Marxian optimal growth model. This is not a model in value-term because peoples' direct interest is not value itself but utility and firms' interest is not value but profit. However, a very important finding of this article is that such a non-value-term model can be translated into a value-term model, and we introduce a value-term reproduction scheme from the Marxian optimal growth model. In this form, we confirm that our model fulfills the conditions of simple reproduction and extended reproduction. However, a more important fact we found is that this optimal path shows (1) rising organic composition of capital, (2) falling rate of profit, and (3) falling ratio of output of the first sector. The second fact contradicts the Okishio Theorem, and the third contradicts Lenin.

            Content

            Author and article information

            Journal
            worlrevipoliecon
            10.2307/j50005553
            World Review of Political Economy
            Pluto Journals
            2042891X
            1 December 2011
            : 2
            : 4
            : 603-634
            Article
            10.2307/41931947
            2733ba12-351e-4d9f-9d50-e89e6bf19ea1
            © WORLD ASSOCIATION FOR POLITICAL ECONOMY 2011

            All content is freely available without charge to users or their institutions. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles in this journal without asking prior permission of the publisher or the author. Articles published in the journal are distributed under a http://creativecommons.org/licenses/by/4.0/.

            History

            Political economics

            Notes

            1. Kanae (2008)

            2. Onishi (2008, 2012).

            3. Yamashita and Onishi (2002).

            4. Onishi and Tazoe (2011).

            5. Yamashita and Onishi (2002): Onishi and Tazoe (2011).

            6. Chapter 4, section 5 of Okishio (1977).

            7. Chapter 4, section 6 of Okishio (1977).

            8. Part 1 of Onishi (2003).

            9. Fundamental Economic Science (2011).

            10. Onishi (1991) Part 2 of Onishi (1992).

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