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By Takashi Negishi

Negishi examines a large diversity of subject matters within the historical past of economics that experience relevance to present monetary theories. the writer contends that one of many initiatives for historians of economics is to investigate and interpret theories at present open air the mainstream of monetary idea, to that end, Walrasian economics. regularly occurring themes coated contain the department of work, economies of scale, wages, revenue, overseas exchange, marketplace mechanisms, and funds. those are thought of in connection with the well known non-Walrasian colleges of concept.

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Traditional theory presupposes the existence of international differences in climate, resources, technology, and factor endowments to explain the comparative advantages. International trade between dissimilar countries, or trade in primary products, can surely be explained in terms of differences in climate, natural resources, and factor endowments. Trade between similar countries, or trade in manufactures, however, cannot be so explained. Smithian theory, on the other hand, can explain trade heavily carried on among similar industrial areas, since it considers comparative advantages to be created by subdivision of industries and international division of labor to be intraindustrial rather than interindustrial.

In the next section I document in Marx's Das Kapital the concept of competition with downward sloping demand curve and diminishing cost due to the existence of fixed or overhead cost that increases as an aspect of rising organic composition of capital. The Shibata-Okishio theorem for the two-good case is explained in the subsequent section by a simple formal model, where constant returns are assumed. Then, by changing assumptions slightly, to introduce diminishing cost in the industry where organic composition of capital is to be raised, I show the possibility of a falling rate of profit.

277). 5 Agriculture can be regarded as such a most inclusive and most unspecialized industry if we include household and coarser manufactures into agriculture. This may not be so foreign to Smith's view of agriculture. It has been the principal cause of the progress of our American colonies towards wealth and greatness, that almost their whole capitals have hitherto been employed in agriculture. They have no manufactures, those household and coarser manufactures excepted which necessarily accompany the progress of agriculture, and which are the work of the women and children in every private family.

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