The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Morishima, Michio (1923–2004)

  • Meghnad Desai
Reference work entry


Morishima’s contribution to economic theory was in tackling questions of equilibrium and dynamics with and without money, with heterogenous capital and in a multisectoral framework. He tried to synthesize and answer questions raised by Ricardo, Marx, Walras, Wicksell, Keynes and Schumpeter. His work was influenced by von Neumann’s model and Hicks’s style of theorizing.


Capital accumulation Capital controversy Credit creation Deflation Econometric Society Effective demand Excess demand and supply Exploitation False trading Growth paths Heterogeneous capital Hicks, J. R Homogeneity postulate Inflation Innovations Investment functions Involuntary unemployment IS–LM models Keynes, J. M Marx, K. H Marx–von Neumann model Microfoundations Morishima, M Natural rate of interest Nominal demand Nominal rate of interest Quantity theory of money Ricardo, D Saving and investment Say’s Law Schumpeter, J. A Stability of equilibrium Tâtonnement Turnpikes Von Neumann, J Walras, L Walras–Leontieff model Wicksell, J. G. K 

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Meghnad Desai
    • 1
  1. 1.