By Duncan K. Foley
A few of the imperative result of Classical and Marxian political economic system are examples of the self-organization of the capitalist economic system as a posh, adaptive process faraway from equilibrium.
An Unholy Trinity explores the relatives among modern advanced structures conception and classical political economic system, and applies the tools it develops to the issues of prompted technical switch and source of revenue distribution in capitalist economies, the keep watch over of environmental externalities resembling international warming and the stabilization of the area population.
The arguments and strategies of this crucial ebook handle critical difficulties either one of fiscal technology and monetary coverage and supply clean paths for theoretical exploration
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Additional info for Unholy Trinity: Labor, Capital and Land in the New Economy (Graz Schumpeter Lectures)
Sample text
The Classical political economists universally presumed that the size and growth of the population were a reflection of economic development and performance, that is, “endogenous” in the jargon of economic model-building. People are a by-product of economic activity in this way of looking at things. Marginalist economics, on the other hand, has a strong tendency to view the population as “exogenous,” with economic development shaping itself to the limits set by population. 28 Complexity, self-organization, and political economy One might suppose that this shift in point of view was a response to new empirical data that called the Classical notions into question, but, as far as I can tell, this is not the case.
Physicists and mathematicians such as Erwin Schrödinger, Alan Turing, and John von Neumann turned their attention to various aspects of the problem of understanding the reproduction and structure of living organisms. The development of population genetics revealed its close relations to dynamical systems theory and began to force theoretical biologists to consider the abstract nature of evolution as a system. These intellectual efforts produced an explosion of particular models of complex, self-organizing systems, such as von Neumann’s cellular automaton, which made the distinctive properties of these non-equilibrium but organized systems vivid and inescapable.
Marx saw that this historic development could undermine his political project, and struggled for the rest of his life to come to terms with it both theoretically and politically. Curiously, it is Adam Smith, the earliest of the great classical economists, whose lifetime offered the smallest experience of full-blown industrial capitalism, who would have been least surprised at the emergence of continuous rises in labor productivity and parallel proportional increases in wages. Smith centered his analysis of productivity on the widening division of labor (see Smith, 1937, ch.