The Mismatch Thesis. Fiction and Reality in the Accumulation of Capital

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.

Full Text Available As:
[thumbnail of 20231200_bn_the_mismatch_thesis_front.jpg]
Preview
Cover Image
20231200_bn_the_mismatch_thesis_front.jpg

Download (125kB) | Preview
[thumbnail of Full Text]
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

English

Publication Type

Article - Journal

Additional Information

(Special Issue: Capital ficticio y digitalización)

Keywords

capital accumulation finance Marxism measurement neoclassical economics real-nominal duality Tobin’s Q

Subject

BN Methodology
BN 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 Nitzan

Date Deposited

27 Jan 2024 03:00

Last Modified

30 Jan 2024 12:44

URL:

https://bnarchives.net/id/eprint/818

Available Versions of this Item

Actions (login required)

View Item View Item