Tag Archives: capital

Fix, ‘The Aggregation Problem: Implications for Ecological and Biophysical Economics’

January 4, 2019

ABSTRACT This paper discusses the dimension problem in economic aggregation, as it relates to ecological and biophysical economics. The dimension problem consists of a simple dilemma: when we aggregate, the observer must choose the dimension of analysis. The dilemma is that this choice affects the resulting measurement. This means that aggregate measurements are dependent on … Read More

Fix, ‘The Trouble With Human Capital Theory’

January 4, 2019

ABSTRACT Human capital theory is the dominant approach for understanding personal income distribution. According to this theory, individual income is the result of ‘human capital’. The idea is that human capital makes people more productive, which leads to higher income. But is this really the case? This paper takes a critical look at human capital … Read More

2018/09: Fix, ‘Energy, Hierarchy and the Origin of Inequality’

December 15, 2018

Where should we look to understand the origin of inequality? Most research focuses on three windows of evidence: (1) the archaeological record; (2) existing traditional societies; and (3) the historical record. I propose a fourth window of evidence — modern society itself. I hypothesize that we can infer the origin of inequality from the modern … Read More

Bichler & Nitzan, ‘Arms and Oil in the Middle East: A Biography of Research’

December 4, 2018

ABSTRACT This essay interweaves two stories—one theoretical and empirical, the other autobiographical. The first story embeds the Israeli-Palestinian conflict in the broader political economy of the Middle East and the global accumulation of “capital as power.” The second story narrates the authors’ personal journey to uncover, theorize, and research this enfoldment. The essay explores and … Read More

2018 Capital as Power Essay Prize

November 30, 2018

2018 Capital as Power Essay Prize First Prize $1000 Second Prize $500 Third Prize $300 http://www.recasp.com/essay-prize The Review of Capital as Power (RECASP) announces an annual essay prize on the subject of capital as power.  The best paper will receive a prize of $1000. A prize of $500 will be awarded to the second best contribution, while … Read More

2018/08: Bichler & Nitzan, ‘CasP’s ‘”Differential Accumulation” versus Veblen’s “Differential Advantage”‘

November 30, 2018

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 advantage’. This view, we argue, betrays a misunderstanding of CasP, Veblen or both. As we show, CasP’s … Read More

Bichler & Nitzan, ‘With Their Back to the Future: Will Past Earnings Trigger the Next Crisis?’

September 25, 2018

ABSTRACT As these lines are being written (April 2018), the The U.S. stock market is again in turmoil. After a two-year bull run in which share prices soared by nearly 50 per cent, the market is suddenly dropping. Since the beginning of 2018, it lost nearly 10 per cent of its value, threatening investors with … Read More

Kim, ‘Propertization: The Process by which Financial Corporate Power has Risen and Collapsed’

September 19, 2018

ABSTRACT Elsewhere I argue that the legal concept of property was created in the image of money in the late Roman Republic. Since then, the division of property and contract has been an underlying structure of Western law. The paper argues that a main way of structuring financial corporate power, especially money market funds (MMFs), … Read More