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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
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 Moshé 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
This book is made up of a collection of articles written by us over
the period since the fall of 'die Mauer' and the crisis of the
European socialist movement brought on in its wake. They record an
attempt to argue through the theoretical challenges that this
period has posed: a - Why did both Leninist communism and social
democracy come to crisis? a - What were the economic weaknesses of
both and what economic policy should a future socialist movement
adopt to overcome these? a - How can the struggle for popular
democracy be integrated into the goals of a new movement?
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