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2019 | OriginalPaper | Buchkapitel

26. Michio Morishima (1923–2004)

verfasst von : Naoki Matsuyama

Erschienen in: The Palgrave Companion to LSE Economics

Verlag: Palgrave Macmillan UK

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Abstract

Matsuyama describes how Michio Morishima, a distinguished Japan-educated mathematical economist, had wide-ranging research interests, including dynamic general equilibrium theory, history of economic thought and ‘symphonic economics’. In order to cover his various works, the focus here is on the transition of Morishima’s economic methodology, which had been triggered by criticism from Ragner Frisch. After that, Morishima’s economic research gradually moved towards a more historical and institutional analysis of economic reality. Consequently, his realistic methodology evolves into his original approach, ‘symphonic economics’, based on historical and sociological perspectives. Matsuyama also describes Morishima’s efforts to establish The Suntory and Toyota International Centre for Economics and Related Disciplines (STICERD) at LSE.

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Vorheriges Kapitel James Durbin (1923–2012)

Nächstes Kapitel John Denis Sargan (1924–1996)

Aoyama specialised in mathematical economics and Max Weber’s sociology.

In 1956, Morishima visited Oxford as a Fellow of the Rockefeller Foundation. During his second visit in 1963–1964, Morishima’s main task was to give Hicks comments on the draft of his Capital and Growth every week (Morishima 1991 [2014]: 38).

In 1969, Morishima’s Visiting Professorship was changed to the Keynes Visiting Professorship.

When he heard that Morishima had moved to Essex, Kaldor held a party for Morishima in Cambridge. At that party, Hahn, who had been a student of Kaldor’s, invited Morishima to work at LSE as a successor to Bill Phillips (Morishima 2005: 275).

Morishima received an annual pension with the Order of Culture. He used it to establish a scholarship fund for graduate students who were studying social sciences at LSE. Incidentally, the other person who received the Order of Culture in 1976 was the distinguished film director, Akira Kurosawa.

Takata studied under Shoutaro Yoneda, a pioneer of sociology in Japan. Takata’s masterpiece Power Theory of Economics (Takata 1940 [1995]) was published in English in 1995 in part due to Morishima’s efforts.

Morishima was greatly impressed with the scientific theory of literature contained in Natsume Soseki’s Bungaku-Ron and Bungaku-Hyoron, which presented the idea that even Japanese people could properly evaluate English literature (Morishima 2005: 37).

Hattori was educated at Naniwa Senior High School and Kyoto Imperial University. Later, he was appointed Professor of Economics at Toa Dobun Shoin, China (now Aichi University, Japan). Unfortunately, he died suddenly of dysentery in 1939. Hattori is known as the first translator into Japanese of Wicksell’s Interest and Prices. He also published papers on the dynamic version of the monetary theory of Wicksell and Myrdal.

Morishima once described the School of Economics at Kyoto Imperial University as ‘the oriental LSE’. In the 1940s, Takata lectured on Böhm-Bawerk and Wicksell, Aoyama delivered his supervision on Hicks, and Masazo Sono, who was a mathematician specialising in algebra, gave lectures on Slutsky and Pareto (Morishima 1991 [2014]: 43).

Hendry and Mizon (2000: 71) stated that ‘The eclectic nature of Michio’s extensive publication makes it impossible to choose any topic on which he has never written’. To the best of my knowledge, only Hirose (2006) has covered Morishima’s various works, which were published in Japanese and English, in any detail so far. Thus, this chapter partly draws on Hirose’s study.

As his lecture notes show, Morishima frequently taught Walras’s economic methodology, at least, at the University of Essex, LSE and the University of Siena in 1968–1970.

Morishima became a Fellow of the Econometric Society in 1958.

In his Economic Theory of Modern Society (Morishima 1973 [2004a]), Morishima examines social and economic modernisation via the axiomatic method; he also states that, ‘the book is my answer to Frisch’s critique’ (Morishima 2005: 199).

In addition, Morishima noted that, ‘In mathematical economics, there are some conclusions of mathematical analysis that are called “theorems”, but they are misleading’ (Morishima 2005: 216).

For instance, the value of labour is not reflected in market price and capitalists do not think that profits are maximised by the efficient substitution effect (see Morishima 1984: 63).

In order to confirm the validity of his dynamic version of general equilibrium theory, Morishima developed its econometric content as well (see Morishima 1971 [2005]). Most of his contributions to econometrics were based on collaborative works with Japanese colleagues, such as Tetsuya Nosse, Mitsuo Saito and Yasuo Murata.

Investigations into structural stability had taken place in Japan prior to morishima’s important contributions. aoyama attempted to develop a general equilibrium theory dynamically in 1938 and Sono investigated the stability conditions of dynamic analysis in multiple markets using oscillation theory in 1944. Also, as Weintraub (1987) notes, Takuma Yasui adopted Liapunov method in his analysis of the dynamic stability conditions of economic equilibrium in 1948 (Yasui 1948a, b). Further, Yasui provided a mathematical proof of his ideas on the dynamic stability condition of general equilibrium theory (see Yasui 1949).

Hicks defined a ‘week’ as the period in which prices are constant, hence achieving a temporary equilibrium within a dynamic framework (see Chapter 9 of Hicks 1939 [1946]).

This section partly draws on Komuro (2004) and Hirose (2006).

In his Theory of Economic Growth (Morishima 1969 [2005]: v–vi), Morishima described von Neumann’s contributions to dynamic general equilibrium theory as ‘von Neumann’s Revolution’.

In a lecture at MIT, Samuelson once said that ‘my theory [of the turnpike theorem] has some algebraic inaccuracies, but Morishima corrected them’ (Samuelson quoted in Komuro 2004: 255).

After his retirement from LSE, Morishima published Ricardo’s Economics in 1989. The book discusses Ricardo’s theory of differential rent as a prototype of marginal analysis. It has caused a controversy which has not yet been settled (see Fukuda 2011).

In that course, after students had learned linear algebra, Morishima taught them input-output theory and game theory. Or, after learning the mathematical theory of maxima and minima, the students were taught the theory of production and of consumption (see Morishima 2005: 273).

Shibata was educated at Yamaguchi Senior High School of Commerce (now Yamaguchi University) and Kyoto Imperial University. Later, he was appointed Professor of Economics at Kyoto.

Okishio was educated at Kobe College of Economics (now the University of Hyogo) and Kobe University of Economics (now Kobe University). Later, he was appointed Professor of Economics at Kobe.

Uzawa was educated at the First Higher School (now the University of Tokyo and Chiba University) and the University of Tokyo. He was later appointed Professor of Economics at the University of Chicago and at the University of Tokyo.

Morishima also believed that ‘Marx’s theory of both enlarged reproduction and reserve army of industry can be seen as a pioneering work of the saddle path of balanced growth’ (Morishima 1973 [2004b]: 30).

According to Negishi (2005: 555), Morishima’s Marx’s Economics formed, together with Equilibrium, Stability, and Growth and Theory of Economic Growth, a trilogy on economic growth theory.

Although it should be noted that Walras did not develop his theory on economic progress in the Elements.

Morishima thought that, ‘In Walras, monetary theory can exist only with economic growth theory’ (Morishima 1977 [2004]: 10).

It should be regarded that Morishima not only developed his interpretation of Keynes’s economics, but tried evaluating the effectiveness of Keynes’s proposals of fiscal policy using a macroeconometric model (Morishima 1971 [2005]).

Morishima once stated that The Economics of Industrial Society ‘aimed for the analysis of such a mixed economy. If I were asked which book to leave after my death, I would choose that book’ (Morishima 1991 [2014]: 48).

In contrast, Morishima’s Marx’s Economics and Walras’s Economics were written for graduate students.

Morishima argued that ‘in Japan as an island nation, Confucianism as it is in China could not be disseminated in Japan’ (Morishima 1982 [2004]: 16) and ‘as time passed, the difference between Confucianism in Japan and Confucianism in China became bigger and bigger’ (ibid.: 19).

The creation of STICERD was based on an original idea by Terence Gorman.

Morishima Michio Chosaku-Shū [Collected Works of Michio Morishima].

Morishima, M. (1950) [2004]. Dōgaku-teki Keizai Riron (Dynamic Economic Theory), with exposition by A. Nishi. Volume 1. Tokyo: Iwanami Shoten.

Morishima, M. (1964) [2003]. Kinkō, Antei, Seichō (Equilibrium, Stability, and Growth), with exposition by K. Kawamata. Volume 2. Tokyo: Iwanami Shoten.

Morishima, M. (1969) [2005]. Keizai-Seichō no Riron (Theory of Economic Growth), with exposition by H. Hori. Volume 3. Tokyo: Iwanami Shoten.

Morishima, M. (1971) [2005]. Keiryō-keizai Model wa Donoyouni Sadou Suruka (The Workings of Econometric Models), with exposition by A. Amano. Volume 11. Tokyo: Iwanami Shoten.

Morishima, M. (1973) [2004]. Jyuyō-Riron (Theory of Demand), with exposition by K. Suzumura. Volume 5. Tokyo: Iwanami Shoten.

Morishima, M. (1973) [2004a]. Kindai-Shakai no Keizai-Riron (The Economic Theory of Modern Society), with exposition by K. Nagatani. Volume 12. Tokyo: Iwanami Shoten.

Morishima, M. (1973) [2004b]. Marx no Keizai-Gaku (Marx’s Economics), with exposition by Y. Shiozawa. Volume 7. Tokyo: Iwanami Shoten.

Morishima, M. (1977) [2004]. Walras no Keizai-Gaku (Walras’s Economics), with exposition by T. Maruyama. Volume 9. Tokyo: Iwanami Shoten.

Morishima, M. (1978) [2004]. Kachi, Sakushu, Seichō (Value, Exploitation, and Growth), with exposition by T. Nakatani. Volume 8. Tokyo: Iwanami Shoten.

Morishima, M. (1982) [2004]. Naze Nihon wa ‘Seikou’ Shitaka? (Why Has Japan ‘Succeeded’?), with exposition by K. Ikeo. Volume 13. Tokyo: Iwanami Shoten.

Morishima, M. (1984) [2004]. Keynes no Keizai-Gaku (Keynes’s Economics), with exposition by H. Yoshikawa. Volume 10. Tokyo: Iwanami Shoten.

Morishima, M. (1989) [2003]. Ricardo no Keizai-Gaku (Ricardo’s Economics), with exposition by K. Watarai. Volume 6. Tokyo: Iwanami Shoten.

Morishima, M. (1992) [2004]. Shihon to Shinyō (Capital and Credit), with exposition by A. Yasutomi. Volume 4. Tokyo: Iwanami Shoten.

Morishima, M. (2000) [2005]. Naze Nihon wa Ikizumatta ka (Japan at a Deadlock), with exposition by H. Okumura. Volume 14. Tokyo: Iwanami Shoten.

Morishima, M. (2005). Jiden, Ryakunen-Pu, Chosaku-Mokuroku (Autobiography, Abridged Chronological Record, and Catalogue of Michio Morishima’s Works). Additional volume. Tokyo: Iwanami Shoten.

Morishima, M. (1949). ‘Seigakuteki Antei Joken to Dogakuteki Antei Joken’ (‘Static and Dynamic Stability Conditions’). Shakai Kagaku Hyoron (Review of Social Sciences), 3: 136–147.

Morshima, M. (1952). ‘Consumer’s Behavior and Liquidity Preference’. Econometrica, 20(2): 223–246.CrossRef

Morshima, M. (1959). ‘Some Properties of a Dynamic Leontief System with a Spectrum of Techniques’. Econometrica, 27(4): 626–637.CrossRef

Morishima, M. (1960). ‘Economic Expansion and the Interest Rate in Generalized von Neumann Models’. Econometrica, 28(2): 352–363.CrossRef

Morishima, M. (1961). ‘Proof of a Turnpike Theorem: The “No Joint Production Case”’. Review of Economic Studies, 28(2): 89–97.

Morishima, M. (1975). ‘A Historical Resolution of the Technological Gap: Japan and the West’. Economic Notes, 4(1): 49–74.

Morishima, M. (1984). ‘The Good and Bad Uses of Mathematics’. Chapter 3 in P. Wiles and G. Routh (eds) Economics in Disarray. Oxford: Basil Blackwell: 51–73.

Morishima, M. (1985). Gakkō, Gakureki, Jinsei (School, Education, and Life). Tokyo: Iwanami Shoten.

Morishima, M. (1991) [2014]. ‘Morishima Michio Hicks no Omoide’. Memorial Lecture given at the opening ceremony of The Library & Papers of Sir John Hicks at Kobe University of Commerce, 16 November 1991. Transcribed by N. Matsuyama, Shōdai Ronshū (Journal of University of Hyogo), 65(3): 23–64.

Morishima, M. (1994). Shisou toshiteno Kindai Keizai-Gaku (Modern Economics as Philosophy). Tokyo: Iwanami Shoten.

Morishima, M. and F. Seton (1961). ‘Aggregation in Leontief Matrices and the Labour Theory of Value’. Econometrica, 29(2): 203–220.CrossRef

Morishima, M. and Y. Kaneko (1962). ‘On the Speed of Establishing Multi-sectoral Equilibrium’. Econometrica, 30(4): 818–823.CrossRef

Morishima’s lecture notes, which I have referred to, are written in Japanese and English with mathematical expressions. All the materials, including lecture notes, manuscripts and books which Morishima used, now housed in the Morishima Library, Kyoto, have yet to be catalogued as of November 2017.

‘Advanced Economic Theory/Advanced Mathematical Economics’ (1968–1969, Essex; 1969–1970, Essex and LSE).

‘A History of the von Neumann Revolution’ (May 1969, Bonn; October 1969, Essex; June 1971, Rome).

‘A Logical Reconsideration of Walras’ (21 January 1970, Nuffield College, Oxford; 9–10 February 1970, Siena).

‘From Marx to von Neumann’ (18–22 September 1972).

‘General Equilibrium Theory and Aggregate Economics’ (1968–1969, Essex).

‘Lecture Note for Marx’s Labour Theory of Value’ (1968).

‘Marx from a Contemporary Viewpoint’ (1968, Cambridge, Essex, UCL; 14 February 1970, University of Rome; 16 February 1970, Siena; 18 March 1970, York; 8 May 1970, Edinburgh; 7 January 1971, Warwick; 2 February 1971, Birmingham; June 1971, Torino; 24 February 1972, Keele).

‘Marxian Economics’ (1970–1971, LSE; 1971–1972, LSE; 1972–1973, LSE; 1973–1975, LSE).

‘No Name’ (19 February 1970, Siena).

Andronov, A.A. and S.E. Chaikin (1949). Theory of Oscillations. Princeton: Princeton University Press.

Aoyama, H. (1938). ‘Seigaku-teki Kinkō-Riron to Dōgaku-Ka no Mondai’ (‘The Static Theory of General Equilibrium and its Dynamization’), Keizai Ronsō, 47(3): 395–409.

Bandiera, O. (2015). ‘STICERD: About Us – Director’s Introduction’. London: STICERD. Available at: http://sticerd.lse.ac.uk/_new/about/default.asp.

Dorfman, R., P.A. Samuelson and R.M. Solow (1958). Linear Programming and Economic Analysis. New York: McGraw-Hill.

Fukuda, S. (2011). ‘Morishima Michio no Ricardo Kaishaku wo meguru Ronsō’ (‘Controversy Over Morishima’s Interpretation of Ricardo’). Jinbun-Shakai Ronsō, 26: 55–71.

Hendry, D.F and G. Mizon (2000). ‘On Selecting Policy Analysis Models by Forecasting Accuracy’. Chapter 5 in A. Atkinson, H. Glennerster and N. Stern (eds) Putting Economics to Work: Volume in Honour of Michio Morishima. London: STICERD: 71–119.

Hicks, J.R. (1939) [1946]. Value and Capital. Second edition. Oxford: Clarendon Press.

Hirose, K. (2006). ‘Michio Morishima’. Chapter 7 in N. Suzuki (ed.) Nihon no Keizai-Shisō 2. Tokyo: Nihon Keizai Hyōron Sha: 243–296.

Komuro, N. (2004). Keizai-Gaku wo Meguru Kyoshō-Tachi (Giants of Economics). Tokyo: Diamond, Inc.

Middleton, R. (2008). ‘Morishima, Michio (1923–2004)’. Oxford Dictionary of National Biography. Available at: http://www.oxforddnb.com/view/article/94070.

Negishi, T. (2005). ‘Michio Morishima and History: An Obituary’. European Journal of the History of Economic Thought, 12(3): 553–557.CrossRef

Neumann, J. von (1945–1946). ‘A Model of General Economic Equilibrium’. Review of Economic Studies, 13(1): 1–9.CrossRef

Okishio, N. (1961). ‘Technical Change and the Rate of Profit’. Kobe University Economic Review, 7: 85–99.

Samuelson, P.A. (1947). Foundations of Economic Analysis. Cambridge, MA: Harvard University Press.

Shibata, K. (1933). ‘Shihon-Ron to Ippan Kinkō-Riron’ (‘Das Kapital and General Equilibrium Theory’). Keizai Ronsō, 36(1): 80–110.

Sono, M. (1944). ‘Shijyō-Kinkō no Antei-Jyōken’ (The Stability Conditions of a Market Equilibrium). Keizai Ronsō, 58(1–2): 17–51.

Takata, Y. (1940) [1995]. Power Theory of Economics. Translated by D.W. Anthony, with a Foreword by M. Morishima. New York: St. Martin’s Press.

Uzawa, H. (1965). ‘Optimum Technical Change in an Aggregative Model of Economic Growth’. International Economic Review, 6(1): 18–31.CrossRef

Walras, L. (1874) [1954]. Elements of Pure Economics. Translated by W. Jaffé. London: Allen & Unwin.

Weintraub, E.R. (1987). ‘Stability Theory via Liapunov’s Method: A Note on the Contribution of Takuma Yasui’. History of Political Economy, 19(4): 615–620.CrossRef

Yasui, T. (1948a). ‘Keizai-teki Kinkō no Dōgaku-teki Antei-Jyōken’ (‘Dynamic Stability Conditions for Economic Equilibrium’). Kikan Keizai Sichou, 9: 1–30.

Yasui, T. (1948b). ‘Shūren-sei no Kōjyun to Dōgaku-teki Antei-Jyōken’ (‘The Convergence Postulate and Dynamic Stability Conditions’). Review of Social Sciences, 1: 189–216.

Yasui, T. (1949). ‘Dōgaku-teki Antei-Jyōken ni Tsuiteno Ichi-Chūkai’ (‘A Note on the Dynamic Stability Condition’). Review of Social Sciences, 3: 46–59.

Titel: Michio Morishima (1923–2004)
verfasst von: Naoki Matsuyama
Verlag: Palgrave Macmillan UK
Buch: The Palgrave Companion to LSE Economics
Print ISBN: 978-1-137-58273-7

Electronic ISBN: 978-1-137-58274-4

Copyright-Jahr: 2019
DOI: https://doi.org/10.1057/978-1-137-58274-4_26

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