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How Labor Powers the Global Economy - A Labor Theory of Capitalism (Hardcover, 1st ed. 2022)
Loot Price: R2,854
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How Labor Powers the Global Economy - A Labor Theory of Capitalism (Hardcover, 1st ed. 2022)
Series: New Economic Windows
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This book presents a probabilistic approach to studying the
fundamental role of labor in capitalist economies and develops a
non-deterministic theoretical framework for the foundations of
political economy. By applying the framework to real-world data,
the authors offer new insights into the dynamics of growth, wages,
and accumulation in capitalist development around the globe. The
book demonstrates that a probabilistic political economy based on
labor inputs enables us to describe central organizing principles
in modern capitalism. Starting from a few basic assumptions, it
shows that the working time of employees is the main regulating
variable for determining strict numerical limits on the rate of
economic growth, the range of wages, and the pace of accumulation
under the present global economic system. This book will appeal to
anyone interested in how the capitalist mode of production works
and its inherent limitations; in particular, it will be useful to
scholars and students of Marxian economics. "Emmanuel Farjoun and
Moshe Machover, follow up their pathbreaking work on the
application of statistical physics methods to political economy in
this book with David Zachariah, in which they develop methods for
making educated and structured estimates of stylized facts
applicable to capitalist economies. There's a lot for economists
and anyone interested in the political economy of capitalism to
learn from their reasoning on these issues, including their novel
and challenging suggestion of bounds on the rates of increase of
use-value productivity of labor, and on the range of variation of
the wage share." Duncan K. Foley, Leo Model Professor of Economics,
New School for Social Research
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