"Jonathan Nitzan" <[email protected]> wrote: > I think you'll find the answers to your questions in our book:
Nitzan, Jonathan, and Shimshon Bichler. 2009. Capital as Power. A Study of Order and Creorder. RIPE Series in Global Political Economy. New York and London: Routledge. http://bnarchives.yorku.ca/259/ > A shorter account is given in: <blockquote> Bichler, Shimshon, and Jonathan Nitzan. 2012. Capital as Power: Toward a New Cosmology of Capitalism. Real-World Economics Review (61, September): 65-84. http://bnarchives.yorku.ca/343/ </blockquote> Your rejection of Marx's labor the ory of value seems mistaken to me. Of course, a utilitarian theory of value has many inconsistencies and can't be enter tained as a theory of value. So, you i dentify price as value which just kicks the can down the road. Then, you claim that power is reflected by the amount of capital which brings up the question of what is power ? I find your claim : "capitalists are driven not to maximize profit, but to ‘beat the average’ and ‘exceed the normal rate of return’." as interesting and deserving of further discussion because risk has a big effect on the actual return on investment. -- Ron
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