2020/04: McMahon, ‘Reconsidering Systemic Fear and the Stock Market: A Reply to Baines and Hager’

ABSTRACT A recent New Political Economy article by Baines and Hager (2020) critiqued Shimshon Bichler and Jonathan Nitzan’s capital-as-power (CasP) model of the stock market (Bichler & Nitzan, 2016). Bichler and Nitzan’s model of the stock market seeks to explain how financial crises are tied to the (upper) limits of redistributing income through power. Bichler Continue Reading

Has Wealth Gone Digital?

Originally published on Economics from the Top Down. A revolution is underway around us and it’s called the digital. And it’s changing everything. More than 80% of wealth is now non-material. — Charles Foran in Just don’t say his name: the modern left on Karl Marx’s place in politics (41:30) Has wealth gone digital? Both Continue Reading

2019/04: Hager and Baines, 'Jurisdictional Tax Rates: How the Corporate Tax System Fuels Concentration and Inequality'

ABSTRACT Corporate concentration in the United States has been on the rise in recent years, sparking a heated debate about its causes, consequences, and potential remedies. In this study, we examine a facet of public policy that has been largely neglected in current debates about concentration: corporate tax policy. As part of our analysis we Continue Reading

Video: Can Capitalists Afford Economic Growth? An Animation

Elvire Thouvenot has produced an animated video that summarizes the key points of Bichler and Nitzan’s 2014 paper “Can Capitalists Afford Recovery? Three Views on Economic Policy in Times of Crisis.” This paper was first printed in Review of Capital as Power. It was reprinted in Philosophers for Change. Watch the video below:     Continue Reading

Real GDP: The Flawed Metric at the Heart of Macroeconomics

ABSTRACT The study of economic growth is central to macroeconomics. More than anything else, macroeconomists are concerned with finding policies that encourage growth. And by ‘growth’, they mean the growth of real GDP. This measure has become so central to macroeconomics that few economists question its validity. Our intention here is to do just that. Continue Reading