Masashi Morioka

Ritsumeikan University · College of International Relations

This is our reply to contributed papers to a Symposium in Metroeconomica 73(1): 2-48. The symposium was dedicated to discussions on the significance and implications of our book : Shiozawa, Morioka, and Taniguchi (2019) Microfoudnations of Evolutionary Economics. Please go to page 33 where our reply starts. The symposium is published free read basi...

The question of how prices and quantities interact and decisions and activities of large numbers of agents are coordinated in market economies has been a major theme in systematic economic investigations since their very inception at the time of French, British and Italian scholars in the seventeenth and eighteenth century. Adam Smith's analysis of...

Recently, Schefold proposed a new approach to the transformation problem consisting of two contentions. One is that input matrices of large-scale economies can be approximated by positive rank one matrices. The second is that additional original assumptions about the relationship among input coefficients, labor coefficients, gross outputs, and surp...

In this chapter, we will describe the basic framework and some key concepts of the economic theory of quantity adjustment. Section 3.1 characterizes the capitalist system as a demand-constrained economy in which firms are almost always competing to capture the demand for their products. This aspect of capitalism has a profound relevance with the lo...

An evolutionary point of view is the best way to understand the economy and its development. This is the central dogma of evolutionary economics. In this chapter on the foundations of evolutionary economics, we discuss (1) why this dogma is supportable, (2) why most of economic entities evolve, (3) what are the defects of standard (or neoclassical)...

Based on the idea of basic separation of price and quantity adjustments, this chapter presents a new picture on how an economy as big as the world ordinarily works by the actions of agents whose capability is limited in rationality, sight, and actions. The first part (Sects. 2.2, 2.3, 2.4, 2.5, and 2.6) is devoted to showing why prices of industria...

In this chapter, we will extend the model of the quantity adjustment process presented in Chap. 4 in several directions. Section 5.1 examines the models considering work-in-process inventory, partial adjustment of production volume, and heterogeneity of firms within a sector. It will be shown that, under certain conditions, the stability conditions...

In this chapter, we shall analyze a family of multi-sector dynamic models of the quantity adjustment process in which firms determine their productions and raw material orders based on inventories and demand forecasts under constant prices and final demands. Special attention is paid to the role of demand forecast by a moving average of past demand...

(First paragraph of the Preface) This book explicitly provides microfoundations of evolutionary economics that have been absent thus far in evolutionary economics. The evolutionary economics continued to criticize mainstream neoclassical economics as insufficient framework of analysis, but it had no other choice than to use ideas and analytical too...

This paper highlights Masahiko Aoki’s theoretical quest in the 1970s. The subject he first chose was the design of processes to find the solution maximizing a given objective function of a large-scale economic organization. So long as the information on technologies is scattered among individual production units, the optimal solution must be approa...

Stability conditions of the economic system which consists of many firms following simple rules of behavior but at the same time shows considerable complexity in its changes as a whole are studied through analytical method.