In this paper we investigate the relationships between the real wage rate, the rate of profit and the rate of exploitation rigorously using the framework presented by Okishio and Nakatani [8] which allows for the existence of the particular type of the durable equipments, i.e., the‘constant efficiency’fixed capitals. It is shown that many results which were obtained in the framework of the circulating capital model, among others, Marxian theory of value, price and exploitation, can be extended to this particular fixed capital economy without resorting to the 'inequality approach' proposed by Morishima and Catephores [5].
In section 2 we formulate the model based on Okishio and Nakatani [8], and then clarify systematically some characteristics of this particular fixed capital economy. Section 3 and section 4 are devoted to the analyses of the problems of the‘wage-profit curve’and the‘transformation problem’which asks the relationship between the profitability and the exploitation of the surplus labour under the general framework of the model formulated in section 2. In section 5 we consider the transformation problem under the special assumption of the‘equal organic compositions of capital’, and finally in section 6 we show that the application of Sraffa [13]'s theory of the‘standard commodity’is useful in solving the problem which has been posed in section 5.
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