How Labor Powers the Global Economy: A Labor Theory of Capitalism

This book develops a non-deterministic theoretical framework for the foundations of political economy by applying a probabilistic approach to studying the fundamental role of labor in capitalist economies. It demonstrates that the working time of employees is the main regulating variable for determining strict numerical limits on the rate of economic growth, the range of wages, and the pace of accumulation.

Format: Hardback
Length: 154 pages
Publication date: 13 April 2022
Publisher: Springer Nature Switzerland AG

This book presents a comprehensive and innovative approach to understanding the fundamental role of labor in capitalist economies. By developing a non-deterministic theoretical framework, the authors aim to provide a fresh perspective on the foundations of political economy. Through the application of this framework to real-world data, the authors offer insightful insights into the dynamics of growth, wages, and accumulation in capitalist development across the globe.

The book demonstrates that a probabilistic political economy based on labor inputs enables us to describe central organizing principles in modern capitalism. It starts with a few basic assumptions and shows how the working time of employees plays a crucial role in determining strict numerical limits on the rate of economic growth, the range of wages, and the pace of accumulation under the present global economic system.

This book appeals to a wide range of readers, including scholars and students of Marxian economics. It offers valuable insights into how the capitalist mode of production operates and its inherent limitations. The authors' reasoning on issues such as the bounds on the rates of increase of use-value productivity of labor and the range of variation of the wage share is particularly compelling and thought-provoking.

Overall, this book is a significant contribution to the field of political economy and provides valuable insights into the complex dynamics of labor and capitalism. It will be of interest to anyone seeking to understand the workings of modern economies and the challenges they face.

Weight: 424g
Dimension: 235 x 155 (mm)
ISBN-13: 9783030933203
Edition number: 1st ed. 2022