Blog

Petrodollars and Profit: Rethinking Political Economy through the Middle East

December 24, 2015

Review by Max Ajl of Jonathan Nitzan and Shimshon Bickler’s The Scientist and the Church. Originally published at Jadaliyya Howard Page, a director at what was then Exxon, was once asked, “What would have happened if Iraq production had also surged during the 1960’s,” like that of Saudi Arabia and Iran. He responded, “I admit … Read More

The Renminbi on the World Stage

December 1, 2015
https://www.flickr.com/photos/davidden/2205322601

The IMF recently announced that China’s currency, the CYN (Chinese Yuan Renminbi), would be included in the IMF’s basket of currencies, known as the SRD (special drawing rights). The designation comes after China adopted certain reforms in accordance with International Monetary Fund (IMF) policies. The CYN will comprise 11% of the basket, with reductions of … Read More

Is Hollywood running out of risk?

November 30, 2015
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Shimshon Bichler and Jonathan Nitzan Repost from Real-World Economics Review Blog If we are to believe the conventional creed, Hollywood films are highly risky investments. According to De Vany, revenue forecasts have zero precision, which is just a way of saying that ‘anything can happen’. . . . The ‘nobody knows’ principle . . . is revealed in the infinite … Read More

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Publications

Acumulación de capital: ficción y realidad

January 6, 2016

ABSTRACT (Spanish) ¿Qué quieren decir los economistas cuando hablan de “acumulación de capital’? La respuesta es todo, menos clara. La opinión convencional es que hay dos tipos de capital: real y financiero, que deben guardar correspondencia y que, infortunadamente, la mayoría de las veces no se corresponden, pues el crecimiento del capital financiero tiende a … Read More

Capital Accumulation: Fiction and Reality

October 3, 2015

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 “financial crisis” of the late 2000s. The very term already attests to the presumed nature and causes of the crisis, which most … Read More

Carbon Capitalism: Energy, Social Reproduction and World Order

October 3, 2015
Carbon Capitalism Cover

ABSTRACT Modern civilization and the social reproduction of capitalism are bound inextricably with fossil fuel consumption. But as carbon energy resources become scarcer, what implications will this have for energy-intensive modes of life? Can renewable energy sustain high levels of accumulation? Or will we witness the end of existing capitalist economies? This book provides an … Read More

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Working Papers

No. 2015/04: Bichler and Nitzan, “The CasP Project: Past, Present, Future”

December 22, 2015
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Working Paper No. 2015/04 Shimson Bichler and Jonathan Nitzan, “The CasP Project: Past, Present, Future” The study of capital as power (CasP) began when we were students in the 1980s and has since expanded into a broader project involving a growing number of researchers and new areas of inquiry. This paper provides a bird’s-eye view … Read More

No. 2015/03: Bichler and Nitzan, “Capital Accumulation: Fiction and Reality”

June 11, 2015
writing

Working Paper No. 2015/03 Shimshon Bichler and Jonathan Nitzan, “Capital Accumulation: Fiction and Reality” 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 … Read More

No. 2015/02: McMahon, “Marxism, Culture and the Measurement of Value”

March 6, 2015
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Working Paper No. 2015/02 James McMahon, “Marxism, Culture and the Measurement of Value” Various studies of mass culture use the Marxist labour theory of value to conceptualize how capital is being accumulated from cultural production and its broader social and immaterial dimensions. However, there is a significant methodological problem that lingers. The issue stems from … Read More

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Critical Mass Forum

Research • Re: Stochastic Models

February 5, 2016

Hi Lee,The basic problem with multiplicative randomness is that it is unstable. It is a basic property of differential exponential growth. By definition, ...

Research • Re: Stochastic Models

February 5, 2016

Hi Lee,The basic problem with multiplicative randomness is that it is unstable. It is a basic property of differential exponential growth. By definition, ...

Research • Re: Stochastic Models

February 4, 2016

I too find it elegant and fun and totally not intuitive, Blair. Many thanks... Are there any parallels or models from natural (or social) systems that ...

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