Bichler & Nitzan, ‘A CasP Model of the Stock Market’

Abstract Most explanations of stock market booms and busts are based on contrasting the underlying ‘fundamental’ logic of the economy with the exogenous, non-economic factors that presumably distort it. Our paper offers a radically different model, examining the stock market not from the mechanical viewpoint of a distorted economy, but from the dialectical perspective of […]

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The Colour of the Sun: A Metaphor for Methodology?

James McMahon Found this video when browsing Boing Boing. Originally posted by NASA, this video is fascinating. It may also stand as a metaphor for the methodological problems in political economic theory. Consider part of the explanation behind the video: “As the colors sweep around the sun in the movie, viewers should note how different […]

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Bichler & Nitzan, ‘Capital as Power: Toward a New Cosmology of Capitalism’

Abstract Conventional theories of capitalism are mired in a deep crisis: after centuries of debate, they are still unable to tell us what capital is. Liberals and Marxists think of capital as an economic entity that they count in universal units of utils and abstract labour, respectively. But these units are totally fictitious: they can […]

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