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Over the past century, the institution of capital and the process of its accumulation have been fundamentally transformed. By contrast, the theories that explain this institution and process have remained largely unchanged. The purpose of this paper is to address this mismatch. Using a broad...
Persistent link: https://www.econbiz.de/10011644566
Do capitalists really want a recovery? Can they afford it? On the face of it, the question sounds silly: of course capitalists want a recovery; how else can they prosper? According to the textbooks, both mainstream and heterodox, capital accumulation and economic growth are two sides of the same...
Persistent link: https://www.econbiz.de/10011644575
THE MISMATCH THESIS: What do economists mean when they talk about "capital accumulation"? Surprisingly, the answer to this question is anything but clear, and it seems the most unclear in times of turmoil. Consider the "financial crisis" of the late 2000s. The very term already attests to the...
Persistent link: https://www.econbiz.de/10011644650
¿Qué quieren decir los economistas cuando hablan de “acumulación de capital'? La respuesta es todo, menos clara. La opinión convencional es que hay dos tipos de capital: real y financiero, que deben guardar correspondencia y que, infortunadamente, la mayoría de las veces no se...
Persistent link: https://www.econbiz.de/10011644651
Over the past century, the institution of 'capital' and the process of its 'accumulation' have been fundamentally transformed. By contrast, the theories that explain this institution and process have remained largely unchanged. The purpose of this mimeograph is to address this mismatch. Using a...
Persistent link: https://www.econbiz.de/10011644926
Many observers of the Israeli scene have been perplexed by the country’s apparent resilience to bad political news. The headlines of late seem uniformly dreadful. While the country is still licking its wounds from a botched, if not humiliating war with Hezbollah, the Palestinian territories...
Persistent link: https://www.econbiz.de/10011644929
Economic, financial and social commentators from all directions and persuasion are obsessed with the prospect of recovery. The world remains mired in a deep, prolonged crisis, and the key question seems to be how to get out of it. The purpose of our paper is to ask a very different question that...
Persistent link: https://www.econbiz.de/10011645084
What do economists mean when they talk about ‘capital accumulation’? Surprisingly, the answer to this question is anything but clear, and it seems the most unclear in times of turmoil. Consider the recent ‘financial crisis’. The very term already attests to the presumed nature and causes...
Persistent link: https://www.econbiz.de/10011645092
Economic, financial and social commentators from all directions and of various persuasions are obsessed with the prospect of recovery. The world remains mired in a deep, prolonged crisis, and the key question seems to be how to get out of it. The purpose of our paper is to ask a very different...
Persistent link: https://www.econbiz.de/10011646063
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 both think of capital as an 'economic' entity that they count in universal units of ‘utils’ or 'abstract labour', respectively....
Persistent link: https://www.econbiz.de/10011646688