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Laws of Chaos: A Probabilistic Approach to Political Economy

Posted By: bayern
Laws of Chaos: A Probabilistic Approach to Political Economy

Laws of Chaos: A Probabilistic Approach to Political Economy
Publisher: Verso Books | ISBN: 086091058X | edition 1983 | PDF | 264 pages | 11 mb

In this unusual study, Farjoun and Machover attempt to do nothing less than rebuild two central concepts of political economy: price and profit. Using a probabilistic-statistical approach, they redefine both of these notions and then proceed to a discussion of relations between 'labour value',price and profit. Theories of probability and statistics are, of course, well-established in all natural and population sciences,but with one or two
notable exceptions, have been largely overlooked by political economists. By treating the capitalist economy as 'a large and disorderly collection of moving objects', Farjoun and Machover succeed in resolving many of the contradictions that arise between the rigidity of certain analytical schemas and the wealth of empirical observation supporting them. Laws of Chaos is a challenging, innovative work, signalling a marked departure from the duality
of Marxist and Sraffian approaches. password:carlin

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