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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 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
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