Can A Service Transition Save the Planet?
by Blair Fix on November 12, 2019 at 6:33 PM
Originally published on Economics from the Top Down. Let’s talk sustainability. Unless you’re an anti-science crank, you probably agree that we’ve got a problem with carbon emissions. We need to drastically cut emissions to avoid catastrophic climate change. On this we should all […]
Where’s the Barefoot Revolution in Economics?
by Blair Fix on November 6, 2019 at 1:16 PM
Originally published on Economics from the Top Down. Yesterday I was reminded of what got me interested in economics. I’ll preface this by saying that I make my living as a substitute teacher in Toronto. It’s not glamorous, but it pays the bills. It gives me time to do research from […]
The Growth of Hierarchy and the Death of the Free Market
by Blair Fix on October 29, 2019 at 4:29 PM
Originally published on Economics from the Top Down. Do you believe in free markets? Do you think that unfettered competition is the best way to organize society? If so, this post is intended to shake your faith. No, I’m not going to argue that free markets are bad. Instead, I’m going […]
Real GDP: The Flawed Metric at the Heart of Macroeconomics
by James McMahon on August 2, 2019 at 2:38 PM
ABSTRACT The study of economic growth is central to macroeconomics. More than anything else, macroeconomists are concerned with finding policies that encourage growth. And by ‘growth’, they mean the growth of real GDP. This measure has become so central to macroeconomics that few […]
Financial Crisis, Inequality, and Capitalist Diversity: A Critique of the Capital as Power Model of the Stock Market
by James McMahon on August 2, 2019 at 2:33 PM
ABSTRACT The relationship between inequality and financial instability has become a thriving topic of research in heterodox political economy. This article offers the first critical engagement with one framework within this wider literature: the Capital as Power (CasP) model of the stock market […]
Martin, ‘The Autocatalytic Sprawl of Pseudorational Mastery ‘
by James McMahon on June 2, 2019 at 2:29 AM
ABSTRACT * Winner of the 2018 RECASP Essay Prize * According to Jonathan Nitzan and Shimshon Bichler (2009), capital is not an economic quantity, but a mode of power. Their fundamental thesis could be summarized as follows: capital is power quantified in monetary terms. But what do we do when we […]
2019/03: McMahon, ‘Selling Hollywood to China’
by James McMahon on April 15, 2019 at 4:23 PM
ABSTRACT From the 1980s to the present, Hollywood’s major distributors have been able to redistribute U.S. theatrical attendance to the advantage of their biggest blockbusters and franchises. At the global scale and during the same period, Hollywood has been leveraging U.S. foreign power to […]
2019/02: Fix, ‘How the Rich are Different: Hierarchical Power as the Basis of Income and Class’
by Sandy Hager on April 15, 2019 at 11:16 AM
What makes the rich different? Are they more productive, as mainstream economists claim? I offer another explanation. What makes the rich different, I propose, is hierarchical power. The rich command hierarchies. The poor do not. It is this greater control over subordinates, I hypothesize, that […]
2019/01: Bichler & Nitzan, ‘Differential Accumulation versus Veblen’s “Differential Advantage” (Revised and Expanded)’
by jmc on January 30, 2019 at 5:22 PM
This paper clarifies a common misrepresentation of our theory of capital as power, or CasP. Many observers tend to box CasP as an ‘institutionalist’ theory, tracing its central process of ‘differential accumulation’ to Thorstein Veblen’s notion of ‘differential […]
Review of 'The Global Political Economy of Israel'
on October 29, 2019 at 2:33 AM
Review of 'The Global Political Economy of Israel' M., David. (2019). Goodreads. 4 April. (Review; English). […]
Review of 'Capital as Power: A Study of Order and Creorder'
on October 23, 2019 at 12:31 AM
Review of 'Capital as Power: A Study of Order and Creorder' Lange, Jonathan. (2019). Goodreads. 3 October. (Review; English). […]
Review of 'Capital as Power: A Study of Order and Creorder'
on October 23, 2019 at 12:18 AM
Review of 'Capital as Power: A Study of Order and Creorder' Harris, Mathew. (2017). Goodreads. 25 October. (Review; English). […]
Political Economy • What are "useful" goods or services?
by wayburn on November 10, 2019 at 8:42 AM
Ah, but what is "useful"? That's one more problem that I hope can be solved (or finessed) theoretically.Statistics: Posted by wayburn — Sun Nov 10, 2019 3:42 am […]
Political Economy • Re: Non-inequality
by wayburn on November 10, 2019 at 8:31 AM
So I wrote: "On the other hand, the rent on land can be established by computing the total incidence of sunlight upon it measured in the fundamental units of any reasonable currency, emjoules say (or emquads, whichever is convenient.) One pays rent to nature whose natural advocate on Earth is part […]
Political Economy • Can we rescue order out of chaos?
by wayburn on November 2, 2019 at 8:58 AM
I am constantly amazed by the chaotic nature of my thinking on the subject of "fundamental laws of political economy". Wasn't it the brother of the famous author from Indiana who said, "If you think my office is a mess, you should see the inside of my head!"? In any case, the notion crossed my […]
- The Autocatalytic Sprawl of Pseudorational Mastery
Posted by Ulf Martin Vol. 1, No. 4 2019
According to Jonathan Nitzan and Shimshon Bichler (2009), capital is not an economic quantity, but a mode of power. […]
- Propertization: The Process by which Financial Corporate Power has Risen and Collapsed
Posted by Jongchul Kim Vol. 1, No. 3 2018
The paper argues that a main way of structuring financial corporate power, especially money market funds (MMFs), is a propertization of contractual claims. […]
- Theory and Praxis, Theory and Practice, Practical Theory
Posted by Corentin DeBailleul, Shimshon Bichler and Jonathan Nitzan Vol. 1, No. 3 2018
In their most recent contribution to the Working Papers on Capital as Power, ‘ The CasP Project: Past, Present and Future’ (2015 now published in Vol. 1, No. 3 in this journal), Shimshon Bichler and Jonathan Nitzan invite readers to engage critically with their theoretical framework […]