Out of Control chronicles the dawn of a new era in which the machines and systems that drive our economy are so complex and autonomous as to be indistinguishable from living things.
Like Engels in south Lancashire, young Cole in North America yearns toward an ideogram of "classic perfection," "Arcadia." It was Cole, not Engels, who made the transition to a more mature view, dividing his energies, after 1844, between a radical new empiricism and an iconic transcendentalism that, together, implied an abandonment of the pseudoclassic Arcadia of adolescence."--Jacket.
What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In this work the author analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings transform debate and set the agenda for the next generation of thought about wealth and inequality. He shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. The main driver of inequality--the tendency of returns on capital to exceed the rate of economic growth--today threatens to generate extreme inequalities that stir discontent and undermine democratic values if political action is not taken. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, the author says, and may do so again. This original work reorients our understanding of economic history and confronts us with sobering lessons for today.
The sub-title of this symposium is accurate and, in a curious way, promises more than it states: Classical Physicist, Modem Philosopher. Heinrich Hertz, as the con summate experimentalist of 19th century technique and as brilliant clarifying critic of physical theory of his time, achieved one of the fulfilments but at the same time opened one of the transition points of classical physics. Thus, in his 'popular' lecture 'On the Relations Between Light and Electricity' at Heidelberg in the Fall of 1889, Hertz identified the ether as henceforth the most fundamental problem of physics, as the conceptual mystery but also the key to understanding mass, electric ity, and gravity. Of Hertz's demonstration of electric waves, Helmholtz told the Physical Society of Berlin: "Gentlemen! I have to communicate to you today the most important physical discovery of the century. " Hertz, philosophizing in his direct, lucid, pithy style, once wrote "We have to imagine". Perhaps this is metaphysics on the horizon? In the early pages of his Principles of Mechanics, we read A doubt which makes an impression on our mind cannot be removed by calling it metaphysical: every thoughtful mind as such has needs which scientific men are accustomed to denote as metaphysical. (PM23) And at another place, concerning the terms 'force' and 'electricity' and the alleged mystery of their natures, Hertz wrote: We have an obscure feeling of this and want to have things cleared up.