Wednesday 22nd February 2012 09:38:36 PM

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Economics is Not a Science

The latest issue of eflux Journal published an interesting article by Franco Berardi Bifo, who is part of the Italian Autonomia Movement, and is actively engaged as a writer, media theorist, and media activist, with the title The Future After the End of the Economy.
He has written his latest book After the Future in 2010, which he himself defines to be “about the cultural collapse of the most important mythology of capitalist modernity: that of “the future” and its associated myths of energy, expansion, and growth.”

Under the deepening of the current crisis and “what actually happened in the summer of 2011—the extraordinary crash of global financial capitalism and the beginning of the European insurrection that exploded in London, Athens, and Rome in December 2010 and then grew massive in England during the four nights of rage in August, and which I expect to spread everywhere in the coming months—this has pushed me to write something more. ..”

I just quote one excellent paragraph here and advise you to follow the link above to read the entire article on eflux.

Finance is an effect of the virtualization of reality acting on the psycho-cognitive sphere of the economy. But at the same time, finance is an effect of the deterritorialization of wealth. It is not easy to identify financial capitalists as individual persons, just as finance is not the monetary counterpart of a certain number of physical goods. Rather, it is an effect of language. It is the transversal function of immaterialization and the performative action of indexicality—statistics, figures, indexes, fears, and expectations are not linguistic representations of some economic referent that can be found somewhere in the physical world, as signifiers referring to a signified. They are performative acts of speech producing immediate effects in the very instant of their enunciation.



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