Michio Morishima

Michio Morishima. He was a prominent Japanese economist who made significant contributions to mathematical economics and the synthesis of Marxian economics with modern general equilibrium theory. Spending much of his later career in the United Kingdom, he served as a professor at the London School of Economics and was a founding professor of economics at the University of Essex. His work is noted for its rigorous mathematical formalization of classical economic ideas and its exploration of the dynamics of capitalism.

Biography

Michio Morishima was born in Osaka and graduated from the Kyoto University Faculty of Law, where he initially studied sociology before turning to economics. His early academic development was influenced by the intellectual ferment in post-war Japan and the works of Karl Marx. In 1968, he moved to the United Kingdom, joining the University of Essex before taking up a professorship at the London School of Economics in 1970, where he remained for the rest of his career. He was a key figure in establishing the Suntory and Toyota International Centres for Economics and Related Disciplines at the LSE.

Academic career

Morishima began his teaching career at Osaka University and the Institute of Social and Economic Research at Osaka University. His move to the University of Essex marked a significant shift, as he helped build its economics department. His tenure at the London School of Economics was highly influential; he served as the head of the Department of Economics and was instrumental in founding the Suntory and Toyota International Centres for Economics and Related Disciplines. He also held visiting positions at institutions like Yale University and Stanford University.

Contributions to economics

Morishima's primary contribution was the application of sophisticated mathematical tools to classical economic theories. He rigorously reformulated Marxian economics using linear programming and input-output analysis, most famously in his work on the Fundamental Marxian Theorem. He made substantial advances in dynamic economic theory and general equilibrium theory, exploring stability and growth in models inspired by Léon Walras and John Maynard Keynes. His later work delved into comparative studies of economic systems, analyzing the differences between capitalism and various models in East Asia.

Major works

His influential publications include *"Marx's Economics: A Dual Theory of Value and Growth"* (1973), which presented a formal mathematical reconstruction of Das Kapital. *"The Economic Theory of Modern Society"* (1976) further synthesized Marxian economics with neoclassical economics. *"Why Has Japan 'Succeeded'?"* (1982) offered a cultural and institutional analysis of Japanese economic development. Other notable works are *"Theory of Economic Growth"* (1969) and *"Capital and Credit: A New Formulation of General Equilibrium Theory"* (1992).

Awards and honors

Morishima received numerous accolades for his scholarly work. He was elected a Fellow of the British Academy and a Fellow of the Econometric Society. In 1976, he was awarded the Order of the Sacred Treasure by the Government of Japan. He also received an honorary doctorate from the University of Geneva and served as president of the Econometric Society in 1965.

Category:Japanese economists Category:1923 births Category:2004 deaths Category:Fellows of the British Academy