Simulating the global economy in a sequential and non-dualistic value theoretical framework: a first attempt

Research output: Working paper

Abstract

Previously we have considered how rentiers can be integrated with an aggregate one-commodity model of the productive economy, ignoring the complexity of different goods and different countries. We employ a high level of abstraction in recognition of the original and complex nature of our work. Sequential and non-dualistic determination of value by labour time ensures that value magnitudes systematically deviate from physical/?real? magnitudes, questioning the usefulness of endogenously modelling behaviour on ?real? terms. For simplicity we choose to abstractly simulate ?reasonable? surface patterns of behaviour for our economy to reveal how underlying value magnitudes are likely to behave, revealing agents ?value-motives?. To focus on rentiers as ?monied-capitalists? we imagine ongoing lending/an affective diversity of ?ownership? of the productive economy between productive capitalists and rentiers. We assume two countries and two commodities to focus on the division between the technologically advanced and the rest of the world. Initially we imagine our countries are only linked through trade, approximating the Golden Age. Then we simulate the ?new? global economy, joining our economies in a single world economy. We explore how the rate of growth and changes to ?competitiveness? affect the relative value fortunes of each countries productive capitalists and ?cosmopolitan? rentiers.
Original languageEnglish
Publication statusPublished - 1 Dec 2007

Publication series

NameAdvanced Scholarship Working Paper Series

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