Artikel
The Mismatch Thesis. Fiction and Reality in the Accumulation of Capital
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
-
Englisch
- Bibliographic citation
-
Journal: Revista de Estudios Globales. Análisis Histórico Y Cambio Social ; Volume: 3 ; Year: 2023 ; Issue: 5 ; Pages: 13-40 ; Murcia: Universidad de Murcia
- Classification
-
Wirtschaft
Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
General Aggregative Models: Neoclassical
History of Economic Thought through 1925: Socialist; Marxist
History of Economic Thought since 1925: Socialist; Marxist; Sraffian
- Subject
-
capital accumulation
finance
Marxism
measurement
Neoclassical economics
real-nominal duality
Tobin's Q
- Event
-
Geistige Schöpfung
- (who)
-
Bichler, Shimshon
Nitzan, Jonathan
- Event
-
Veröffentlichung
- (who)
-
Universidad de Murcia
- (where)
-
Murcia
- (when)
-
2023
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Bichler, Shimshon
- Nitzan, Jonathan
- Universidad de Murcia
Time of origin
- 2023