Classical Econophysics

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  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2009-07-08
  • Publisher: Routledge

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This book sets out to address some basic questions drawing from classical political economy and information theory and using an econophysics methodology: What is information? Why is it valuable? What is the relationship between money and information?

Table of Contents

List of Figuresp. ix
List of Tablesp. xv
List of Digressionsp. xvii
Acknowledgementsp. xix
Introductionp. 1
Work, information and valuep. 5
Problematizing labourp. 7
Watt on workp. 7
Marx: the architect and the beep. 12
The demonic challengep. 19
Entropyp. 20
Problematizing informationp. 30
The Shannon-Weaver concept of informationp. 30
Entropy reductions in action programsp. 38
Alternative views of informationp. 38
Labour productivityp. 47
Raising production in generalp. 47
Accelerated productionp. 53
Parallelizing productionp. 58
Babbage and the birth of digital technologyp. 74
Copy and calculatingp. 74
Tablesp. 75
Prony, Babbage and the division of mental labourp. 77
Babbage's machinesp. 81
From machines to the universal machinep. 85
Processing informationp. 85
Turing machinesp. 89
The universal Turing machinep. 97
Decidability and the Church-Turing thesisp. 99
The TM computability of marketsp. 103
RUR or Robots R Usp. 108
Political economy: value and labourp. 113
Smith and Wattp. 113
Labour commanded as a measure of valuep. 117
Labour time and the determination of valuep. 119
Ricardo: clarity achievedp. 121
Marx's contributionp. 125
Two challenges to the labour theory of valuep. 130
The probabilistic responsep. 136
Exchange, money and capitalp. 137
The probabilistic approach to economic variablesp. 139
Probabilistic modelsp. 139
The statistical mechanics of moneyp. 148
Introductionp. 148
Boltzmann-Gibbs distributionp. 149
Computer simulationsp. 150
Thermal machinep. 152
Models with debtp. 153
Boltzmann equationp. 155
Non-Boltzmann-Gibbs distributionsp. 156
Nonlinear Boltzmann equation vs. linear master equationp. 158
Conclusionsp. 159
A probabilistic approach to the law of valuep. 161
The law of valuep. 161
The modelp. 163
Simulation resultsp. 168
Analysisp. 174
Discussionp. 180
Value in the capitalist economyp. 184
Farjoun and Machover's approach to pricep. 185
Information content of pricesp. 188
Prices and the rate of profitp. 190
Empirical evidence for labour theory of valuep. 192
Money, credit and the form of valuep. 203
Money and the form of valuep. 203
Two theories of moneyp. 206
Monetary relations and recordsp. 210
Money space, an illustrationp. 214
Commodity-money spacep. 220
The logical properties of financial transactionsp. 226
Banking and capitalp. 233
Bank creditp. 233
The necessity of paper moneyp. 244
Banking technologyp. 247
The interest ratep. 254
Dominance of the financial sectorp. 256
Class distribution of incomep. 261
A probabilistic model of the social relations of capitalismp. 263
Introductionp. 263
A dynamic model of the social relations of productionp. 264
Resultsp. 271
A note on methodologyp. 287
Essential and inessential properties of capitalismp. 290
Understanding profitp. 292
Sraffa: profit and the technology matrixp. 293
Kalecki: profit and monetary flowsp. 298
Demographics and the long-run rate of profitp. 300
Information and coordinationp. 319
Hayek, information and knowledgep. 321
Inadequacy of the price formp. 323
Information flows under market and planp. 332
The argument from dynamicsp. 337
Appendicesp. 341
The law of value: proofsp. 343
The law of value: experimental detailsp. 346
A simple planning programp. 347
Profits in the SA modelp. 349
Referencesp. 353
Indexp. 361
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