- Title
- A classical economic perspective on using coalgebras to model the process of accumulation
- Creator
- Juniper, James
- Relation
- The International Journal of Interdisciplinary Social Sciences: Annual Review Vol. 10, p. 1-19
- Relation
- http://ijiar.cgpublisher.com/product/pub.285/prod.21
- Publisher
- Common Ground Publishing
- Resource Type
- journal article
- Date
- 2015
- Description
- The notion of a universal coalgebra affords both a formal and unifying representation of dynamic systems, including deterministic, weighted and probabilistic automatons, differential equation systems, hybrid and control systems, reaction-diffusion equations, and timed and stochastic Petri nets, as well as power series and Taylor series. In this paper I briefly examine the various ways that coalgebraic techniques have been applied to quantitative modelling in the social sciences. In this context, I provide a critique of Philip Mirowski's proposal to use 'self-reproducing' automatons as a means for simulating the evolution of market mechanisms. Instead, I examine ways that coalgebraic techniques could be used to represent adjustment processes of varying temporality that arise in the simulation of Classical and Keynesian models of a multi-sectoral economy. Here, the focus will be on three inter-related developments associated with the global dominance of neoliberal policy regimes: namely, the crippling of organized labour; the demise of Keynesianism; and the growth in 'financialization'. I argue that these developments must be understood in the context of both the global concentration and centralization of control and the increasing use of household debt as a means of maintaining accumulation, albeit, at the expense of increasing financial fragility.
- Subject
- automatons; political economy; Sraffa; differential equation systems; category theory
- Identifier
- http://hdl.handle.net/1959.13/1315946
- Identifier
- uon:23035
- Identifier
- ISSN:1833-1882
- Language
- eng
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