Abstract: The effect of technological progress on the profitability of a single enterprise or even the entire department is usually obvious in the short term, but the impact on the average profit rate in the long run must be deeply analyzed on the theoretical level. Marx clearly pointed out that technological progress leads to an increase in the organic composition of capital, which will eventually lead to a decline in the average profit rate, but Nobuo Okishio puts forward the opposite view. A supplementary demonstration of the Okishio Theorem through a single-sector economic model found that the assumption of keeping the actual wage rate constant is the key to the increase in the average profit rate caused by the introduction of technological progress in the basic product industry. Further analysis found that keeping the real wage rate unchanged under the conditions of technological progress violates the principle that the rate of surplus value cannot be greatly increased in the whole society with technological progress. Therefore, the Okishio Theorem cannot overturn the law of decline of Marx's average profit rate.
Keywords: Technological Progress; Average Profit rate; Okishio Theorem; Real Wage Rate
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