By Duncan K. Foley
A number of the imperative result of Classical and Marxian political economic climate are examples of the self-organization of the capitalist financial system as a fancy, adaptive process faraway from equilibrium.An Unholy Trinity explores the family members among modern complicated structures concept and classical political financial system, and applies the tools it develops to the issues of triggered technical switch and source of revenue distribution in capitalist economies, the keep watch over of environmental externalities corresponding to international warming and the stabilization of the area population.The arguments and techniques of this crucial ebook deal with relevant difficulties either one of monetary technology and financial coverage and supply clean paths for theoretical exploration.
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Extra resources for An Unholy Trinity: Labor, Capital and Land in the New Economy (Graz Schumpeter Lectures, 6)
The development of nuclear weapons in the past century and the emergence of global environmental threats from production, the implications of genetic engineering, and revolutions in information and communications technology, are the arenas in which this struggle has unfolded in our time. We face a basic difﬁculty in controlling our collective fate that humankind is an assembly of individuals whose actions interact in complex ways to form an aggregate outcome. Attempts to solve human problems directly, say, through the invention of new medical or agricultural technologies turn out to have very different consequences as they play out through these complex interactions from the intentions of their promoters.
The immense political struggles over the right to unionize and its limits in advanced capitalist economies suggest that both capitalists and workers perceive this as a critical social dynamic. But the degree and inﬂuence of unionization varies immensely even among the advanced industrial capitalist societies, much more than the wage share or the elasticity of the wage with respect to labor productivity. A sharp increase in the wage share in the course of rapid capital accumulation has been a common experience in many newly industrializing countries with weak or repressed labor rights, such as South Korea.
Marx, without denying the importance of “over-accumulation” of capital and a consequent rise in wages as one aspect of the capitalist business cycle, argued that over the long period deeper forces regulated the size of the reserve army of labor and the rate of exploitation (the ratio of the proﬁt to the wage share in income) (Marx, 1981, ch. 13). A rise in the wage share, in Marx’s analysis, tends to be self-limiting because by reducing proﬁtability it reduces the rate of capital accumulation and hence the growth in the demand for labor.
An Unholy Trinity: Labor, Capital and Land in the New Economy (Graz Schumpeter Lectures, 6) by Duncan K. Foley