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Abstracts of Papers Published by the Faculty of Tsinghua Institute of Economics

The Fourth Issue

[1] Cai Jiming. Dialectics of Socialist Political Economics with Chinese Characteristics [J]. Reform, 2016, 02: 125-132
[Abstract] The study of socialist political economics with Chinese characteristics should proceed along two paths; from the general to the particular and individual dialectics and be derived from the most general abstracts. In addition general economic relations and the specific system of ownership should not be tied together, commodities should not be regarded as a special category of capitalism; and a single factor should not be used to explain a system composed of complex elements, nor can the characteristics of socialized large-scale production be limited to the peculiar phenomenon of capitalist production mode. The basic principles of Marxist political economics should be enriched and perfected in accordance with the development of contemporary capitalism and the practice of China's reform and opening up. We should adhere to the methodological principles of Marxist political economics, and dare to criticize, inherit and innovate the traditional theories.

[2] Pei Hong, Li Bangxi. Does the Okishio Theorem Refute the Downward Trend of Profit Margins? [J]. China Review of Political Economy, 2016, 02: 83-99.
[Abstract] For a long time, there has been a heated debate about the relationship between Okishio Theorem and Marx's rule of diminishing profit margin. This paper has three parts. First, the paper analyzes the logical structure of the downward trend theory of Marx's profit margins, and argues that the downward trend theory of profit margins has three theoretical levels: the organic composition ascending theory, the positive and negative effects of technological progress on profit margins, and the overall effect of long-term profit margins tending to decline. Second, it is proved that the Okishio Theorem and diminishing profit margin rule are consistent at the first two theoretical levels, but diverge at the last level. Third, it has been further proved that the divergence stems from the difference between the interpretations of capitalist technology progress. When using Marx's interpretation of technological progress, the Okishio Theorem framework will still draw the conclusion that the profit margins tend to decline.