This paper examines the critique of the Okishio theorem by thetemporal single system interpretation.The orthodox interpretation of Marx’s value theory determines thevalue/price magnitudes by using simultaneous equations. In this process,the magnitude of constant capital is calculated as current cost, and atechnical innovation results in the increase in the rate of profit (Okishiotheorem). Even though it is diametrically opposite to Marx, this story hasbeen widely supported by not only neo-classical economists but alsoMarxian economists.However, the temporal single system interpretation (TSSI) has criticizedthe Okishio theorem since the 1980 s. The TSSI rejects simultaneousequations to determine the magnitudes of values/prices, and uses the logicof the circuit of capital. In this process, the magnitude of constant capital iscalculated as historical cost. Because the magnitude of constant capitaldoesn’t re-valued, the rate of profit falls in case of a technical innovation.The difference between the orthodox interpretation and the TSSIbecomes apparent when technical innovations are incessant. Especiallywhen incessant technical innovations occur in the sector producing fixedcapital, the gap between current cost and historical cost becomes critical.Such incessant technical innovations are characteristic in the moderncompetition of the global capitalist economy, and we see many capitalsstruggling with losses from incessant technical innovations. In this processcapitals face the fall in the rate of profit, and the TSSI reflects the reality.When Okishio submitted the theorem, the rate of profit of Japaneseeconomy did not fall and the Okishio theorem had the economic base.However, the rate of profit of Japanese economy has been falling since the1970 s and the Okishio theorem does not have the economic base any more.From the viewpoint of the historical materialism, the economic base callsfor a change of the superstructure: from the orthodox interpretation andthe Okishio theorem to the TSSI.