Taking notes 41: Ideological foundations of neoclassical economics: class interests as “economic theory”

by Ismael Hossein-zadeh There is now a widespread consensus that mainstream/neoclassical economists failed miserably to either predict the coming of the 2008 financial implosion, or provide a reasonable explanation when it actually arrived. Not surprisingly, many critics have argued that … Continue reading Taking notes 41: Ideological foundations of neoclassical economics: class interests as “economic theory”

Taking notes 37: Meritocracy, repression and Piketty’s apocalyptic asymptote

by Sanjay Perera
Much has been said about Thomas Piketty’s important and much talked about book. But not enough has been said about his nuanced wit and jibes at a system of meritocratic capitalism that is starting to merge with the hereditary accumulation and growth of wealth termed as patrimonial capitalism. But then it can also get quite serious. Continue reading Taking notes 37: Meritocracy, repression and Piketty’s apocalyptic asymptote

Taking notes 34: The enlightened capitalist

by Shimshon Bichler and Jonathan Nitzan Preamble Over the past few years, we have written a series of articles about the global crisis.[1] These papers try to break the conventional constrains of liberalism and Marxism, examining the crisis from the new theoretical viewpoint of capital as power. Capitalists and corporations, we argue, are driven not to maximize profit, but to ‘beat the average’ and increase their differential power. In this approach, the redistribution of income and assets is not a ‘societal’ side effect of the economy, but the central conflict that propels modern capitalism. And the main weapon in this … Continue reading Taking notes 34: The enlightened capitalist