Overview
- Develops a probabilistic approach for studying the role of labor in capitalist economies
- Offer new insights into the dynamics of growth, wages and accumulation in capitalist development
- Shows how labor and workers at all levels represent the true motor of social economic development
Part of the book series: New Economic Windows (NEW)
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Table of contents (9 chapters)
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Front Matter
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Foundations
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Front Matter
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Results
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Front Matter
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Futures
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Front Matter
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Back Matter
Keywords
About this book
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 toscholars 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
Authors and Affiliations
About the authors
Emmanuel Farjoun and Moshé Machover are mathematicians at the Hebrew University of Jerusalem (Israel) and King's College London (United Kingdom). They have a long-standing interest in political economy from a labor economics perspective. They published Laws of Chaos in 1983, a book that developed a probabilistic approach to political economy. David Zachariah is an engineer and has written several articles on political economy.
Bibliographic Information
Book Title: How Labor Powers the Global Economy
Book Subtitle: A Labor Theory of Capitalism
Authors: Emmanuel D. Farjoun, Moshé Machover, David Zachariah
Series Title: New Economic Windows
DOI: https://doi.org/10.1007/978-3-030-93321-0
Publisher: Springer Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022
Hardcover ISBN: 978-3-030-93320-3Published: 13 April 2022
Softcover ISBN: 978-3-030-93323-4Published: 15 April 2023
eBook ISBN: 978-3-030-93321-0Published: 12 April 2022
Series ISSN: 2039-411X
Series E-ISSN: 2039-4128
Edition Number: 1
Number of Pages: XII, 154
Number of Illustrations: 4 b/w illustrations, 18 illustrations in colour
Topics: Political Economy/Economic Systems, Applications of Mathematics, Labor Economics, Economic Theory/Quantitative Economics/Mathematical Methods, History of Economic Thought/Methodology