The Nature of Capital and the MoneyGoods Economy 资本与货币商品经济的本质.pptVIP

THE NATURE OF CAPITAL Mieczys?aw Dobija /author=518110 Cracow University of Economics What is capital? ?When economists reach agreement on the theory of capital, they will shortly reach agreement on everything. Happily, for those who enjoy a diversity of views and beliefs, there is very little danger of this outcome. Indeed, there is at present not even agreement as to what the subject is about…”Ch. Bliss [1975] What is capital? Outstanding and astute research has been carried out by P. Mirowski [More Heat than Light. Economics as Social Physics: Physics as Nature’s Economics, 1989] on the appearance of energetics metaphors and concepts in the economic thought.Much on the subject has been said but the idea of capital still remains tangled, unsolved and not clear. What is capital? Capital is an ability of doing work.ENERGY is the ability to perform labour.Value is concentration of capital in objects. What is capital? Since capital can be discerned as ENERGY, it has to fulfill the LAWS OF ENERGY. 1st Law of Thermodynamics:?energy neither arise from nothing, nor disappears” 2nd Law of Thermodynamics:?energy spontaneously disperses and does not keep its concentration forever” 1st Law of Thermodynamics in economy:?it is the source of Duality Principle and Debit – Credit Rule” 2nd Law of Thermodynamics in economy:?capital tends to disperse if not restrained;concentration of energy does not maintain its value in time” How does Thermodynamics manifest itself in economy? 2nd Law of Thermodynamics in economy reveals itself as Uncertainty2nd Law is also arrow of time. This is also the fundamentals for understandig the nature of percent and profits. How does Thermodynamics manifest itself in economy? RISK versus Uncertainty Towards model of capital Ct = C0 · e – s · t The result of diffusion of initial capital: s = coefficient of dispersion But who would like to invest if his/her initial capital would deteriorate ??? CAPITAL EQUILIBRIUM PRINCIPLE Ct = C