4 out of 4 stars
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In Capital de facto: Inquiring into the General Theory of Capitalism, Arman Calbay draws parallels between physics and economics to introduce an objective economic theory that proposes a shift from Marxist theory to new economic theories. He calls for theories and interpretations that apply to the modern world and is bereft of complex mathematical formulas and calculations.
Using the theory of value and accurate data, he makes an interesting case for capitalism as a viable and sustainable economic model when juxtaposed with other models. He also explains the nature of capital as a tool analogous to labour as a factor of production, amongst other things.
Arman Calbay is a knowledgeable economic theory researcher with years of experience and projects under his belt. He structures his arguments into four coherent parts with titled chapters reminiscent of academic textbooks. In addition, the verifiable scientific and relevant studies he cites to support his ideas add credibility to his work.
What I liked most about Arman's work is how applicable his theories are in today's world. His recommendations on tax reforms and fair distribution of capital are exceptionally well thought out.
As someone with basic math skills, I'm glad the book lacks the mathematical formulas and calculations typical of most economics books. The author's accessible language and straightforward writing style made it relatively easy to follow and understand his point.
I particularly liked the vivid examples and footnotes he used to explain his views. In future, I intend to avail myself of the glossary at the end of the book to deepen my knowledge of the subject.
I wouldn't say that the book is difficult to understand. Still, I think it's a bit technical for anyone with no knowledge of economics or science. Some of his references are rooted in pure science and economics. They require prior knowledge of one or both subjects to grasp. But I don't suppose a less technical book would pass muster with industry colleagues.
Overall, I think the author achieved his goal. I believe his work would spark discussions and debates among industry experts, as intended. I hope it inspires a desire for innovation in the field.
I rate the book 4 out of 4 stars. The formatting and editing are immaculate. In addition, Arman breaks down capital and capitalism in a way I have never read or thought about them before.
Economists would appreciate the author's work. I would also recommend it to readers that are interested in economic theories and research.
Capital de facto
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