Harvard Medical School researchers Michelle Holmes and Wendy Chen wrote an op-ed in the New York Times about research they published in 2010 that found aspirin may be an effective treatment for breast cancer patients. The op-ed was not just calling attention to these results. Rather, it was a complaint that the research needed to … Read More
With the Bank of England signalling an impending interest rate rise, monetary policy has returned to centre stage. Since 2008 we have lived through a period of extremely unorthodox monetary policy characterised by unprecedentedly low interest rates. This era of ‘cheap money’ may now be about to end and a return to ‘normality’ (interest rates … Read More
The replacement of labour by machines has brought many improvements in social well-being. New machines have made a wide variety jobs safer and less physically debilitating. Yet, the process is far from decisively good, with many attendant ills. Consider the mechanization of fishing boats. Fishing is a dangerous activity and having fewer workers on the … Read More
This article offers a power theory of value analysis of Wal-Mart’s contested expansion in the retail business. More specifically, it draws on, and develops, some aspects of the capital as power framework so as to provide the first clear quantitative explication of the company’s power trajectory to date. After rapid growth in the first four … Read More
The United States is often hailed as the world’s largest ‘free market’. But this ‘free market’ is also the world’s largest penal colony. It holds over seven million adults – roughly five per cent of the labour force – in jail, in prison, on parole and on probation. Is this an anomaly, or does the … Read More
This edited volume offers the first critical engagement with one of the most provocative and controversial theories in political economy: the thesis that capital can be theorized as power and that capital is finance and only finance. The book also includes a detailed introduction to this novel thesis first put forward by Nitzan and Bichler … Read More
Working Paper No. 2014/03 Joseph Baines, “The Ethanol Boom and the Restructuring of the Food Regime” [A shorter version of this paper is forthcoming at The Journal of Peasant Studies] The agrofuel boom has brought about some of the most significant transformations in the world food system in recent decades. A rich and diverse body … Read More
Working Paper No. 2014/02 Blair Fix, “Rethinking Profit: How Redistribution Drives Growth” Using a combination of heterodox economics and biophysical analysis, this paper investigates the relationship between economic distribution and the growth of material throughput. Empirical results show that the growth of “useful work” correlates with redistribution towards profit. Furthermore, increases in energy consumption are correlated … Read More
Working Paper No. 2014/01 James McMahon, “Capitalist Power, Distribution and the Order of Cinema” In this paper, the structure of Hollywood film distribution will be analyzed through the lens of risk. In both its technical and conceptual senses, risk is relevant to the study of Hollywood’s dominant firms. In the interest of lowering risk, the business … Read More
Blair,Econometrics is well aware of the correlation issue. One solution is to calculate the correlation of first differences. Make each series the simple ...
Good point, Mladen.I checked, and auto-correlation is not a problem. If we remove the denominator from each series we still get very high correlation. ...
As an armchair advocate of a technocratic future, I agree that something like energy should ideally replace money as the basis for accounting. But as ...
Sandy Brian Hager
Shimshon Bichler and Jonathan Nitzan
Tim Di Muzio interviews Shimshon Bichler and Jonathan Nitzan