Abstract 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 argues that a reality-based growth theory must reject neoclassical principles in favour of a power-centered approach. Building on Nitzan and […]
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Abstract In what promises to be a significant contribution to political economy, Malik seeks to combine the philosophical understanding of the nature and logic of the derivatives market with an analysis of the entirely novel, structurally-specific mode of capitalist power it expresses. This ambitious ‘ontology of finance’ supplements Ayache’s understanding of the fundamental logic of […]
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Abstract 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 of the crisis, which most observers indeed believe […]
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