The Mismatch Thesis. Fiction and Reality in the Accumulation of Capital
Bichler, Shimshon and Nitzan, Jonathan.
(2023).
Revista de Estudios Globales. Análisis Histórico Y Cambio Social. (Special Issue: Capital ficticio y digitalización). Vol. 3. No. 5. December. pp. 13-40.
(Article - Journal; English).
This is the latest version of this eprint.
Preview |
Cover Image
20231200_bn_the_mismatch_thesis_front.jpg Download (125kB) | Preview |
Preview |
PDF (Full Text)
20231200_bn_the_mismatch_thesis.pdf Download (1MB) | Preview |
Alternative Locations
https://revistas.um.es/reg/issue/view/22011, https://www.econstor.eu/handle/10419/281441, https://yorkspace.library.yorku.ca/items/ddb004ab-933d-4dd4-b9ed-8f78c0421a7c, https://www.academia.edu/114123237/The_Mismatch_Thesis_Fiction_and_Reality_in_the_Accumulation_of_Capital
Abstract or Brief Description
Political economists, both mainstream and Marxist, find it difficult to reconcile the «real» and «financial» appearances of capital. The conventional view is that «real» capital is an objective productive entity; that «finance» merely reflects this reality; and that, unfortunately, the reflection is often inaccurate, causing the two to «mismatch». This convention, we argue, is baseless if not fraudulent. First, although economists know full well that «real» capital, comprising different capital goods, cannot have a unique objective quantity – they measure this pseudo quantity anyway, arbitrarily. Second, when they realize that their arbitrary measure of «real» capital differs greatly from the corresponding magnitude of finance, they blame the deviation on invisible fluctuations in intangible capital, investor irrationality and market imperfections. And third, they insist that «real» accumulation drives «financial» accumulation, even though their own measures show that the two processes move in opposite directions!
Language
EnglishPublication Type
Article - JournalAdditional Information
(Special Issue: Capital ficticio y digitalización)Keywords
capital accumulation finance Marxism measurement neoclassical economics real-nominal duality Tobin’s QSubject
BN MethodologyBN Money & Finance
BN Region - North America
BN Theory
BN Value & Price
BN Business Enterprise
BN Capital & Accumulation
BN Crisis
BN Data & Statistics
Depositing User
Jonathan NitzanDate Deposited
27 Jan 2024 03:00Last Modified
30 Jan 2024 12:44URL:
https://bnarchives.net/id/eprint/818Available Versions of this Item
-
Capital Accumulation: Fiction and Reality. (deposited 10 Jun 2015 14:50)
-
Capital Accumulation: Fiction and Reality. (deposited 14 Jul 2015 03:17)
-
Capital Accumulation: Fiction and Reality. (deposited 01 Oct 2015 21:42)
-
What Do Economists Mean When They Talk About 'Capital Accumulation'? (deposited 01 Oct 2020 20:25)
- The Mismatch Thesis. Fiction and Reality in the Accumulation of Capital. (deposited 27 Jan 2024 03:00) [Currently Displayed]
-
What Do Economists Mean When They Talk About 'Capital Accumulation'? (deposited 01 Oct 2020 20:25)
-
Capital Accumulation: Fiction and Reality. (deposited 01 Oct 2015 21:42)
-
Capital Accumulation: Fiction and Reality. (deposited 14 Jul 2015 03:17)
Actions (login required)
View Item |