Tag Archives: neoclassical economics
Where’s the Barefoot Revolution in Economics?
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 outside academia. When I’m … Read More
DiMuzio and Dow, ‘Uneven and Combined Confusion’
ABSTRACT This article offers a critique of Alexander Anievas and Kerem Nişancioğlu’s “How the West came to rule: the geopolitical origins of capitalism”. We argue that while all historiography features a number of silences, shortcomings or omissions, the omissions in How the West came to rule lead to a mistaken view of the emergence of … Read More
Bichler and 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 … Read More
From Global Oil Politics to Desire via Gas Prices
The Globe & Mail is reporting that the average fuel efficiency of new vehicles sold in 2014 dropped for the first time since 2011. The coverage suggests this is a response to falling prices at the gas pump. First, without access to the relevant data for a longer time period, it is difficult to know … Read More
No. 2014/05: Fix, “Putting Power Back Into Growth Theory” (Winner of the 2014 RECASP Essay Prize)
Working Paper No. 2014/05 Blair Fix, “Putting Power Back Into Growth Theory” * Winner of the 2014 RECASP Essay Prize * Neoclassical growth theory assumes that economic growth is an atomistic process in which changes in distribution play no role. Unfortunately, when this assumption is tested against real-world evidence, it is systematically violated. This paper … Read More
Low Capex, High Market Cap: A New High for Corporate Sabotage?
Found amongst some recent market commentary the chart above seems to be quite striking evidence in favour of the Capital as Power framework. The data series have been put together by the investment bank UBS, based on their broad (though not comprehensive) global stock coverage. UBS has charted two lines: a) the stock market returns … Read More