@article{1445949, author = {Farjoun, Emmanuel, and Machover, Moshé, and Zachariah, David,}, url = {http://library.usi.edu/record/1445949}, title = {How labor powers the global economy: a labor theory of capitalism /}, publisher = {Springer,}, abstract = {This book presents a probabilistic approach to studying the fundamental role of labor in capitalist economies and develops a non-deterministic theoretical framework for the foundations of political economy. By applying the framework to real-world data, the authors offer new insights into the dynamics of growth, wages, and accumulation in capitalist development around the globe. The book demonstrates that a probabilistic political economy based on labor inputs enables us to describe central organizing principles in modern capitalism. Starting from a few basic assumptions, it shows 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 under the present global economic system.}, doi = {https://doi.org/10.1007/978-3-030-93321-0}, recid = {1445949}, pages = {1 online resource.}, address = {Cham, Switzerland :}, year = {2022}, }