Aldo F. Balardini

Picture of Fabian     Balardini, Ph.D.

Associate Professor
Social Sciences, Human Services and Criminal Justice


Office: N-651K

Office Hours:

Phone: +1 (212) 220-8000;ext=5263

Professor Balardini holds a Ph.D. in Economics from The New School for Social Research and his research focuses on the political economy of global energy markets and climate change.


Heterodox Economics


  • B.A. State University of New York at Fredonia, Economics,1992
  • M.A. New School for Social Research, Economics,2000
  • Ph.D. New School for Social Research, Economics,2006

Courses Taught

Research and Projects

Oil prices and market disequilibrium: dynamics of competition and pricing in the international oil marketThis paper presents an empirical analysis of the behavior of oil prices based on a largely neglected analysis of competitive pricing behavior under disequilibrium market conditions originally presented in Arrow (1959).

  • In section 1, I conduct a review of the literature on oil prices and show empirical evidence to prove that Cartel (C), Dominant-Firm (DF), and Target-Revenue (TR) models of the oil market cannot provide a consistent theory of oil price determination under conditions of market-disequilibrium.
  • In section 2, I discuss the disequilibrium hypothesis of oil price determination advanced in Arrow (1959) and first proposed by Roberts (1984).
  • In section 3, I conduct an empirical analysis of price-leadership between OPEC and non-OPEC producers for the period of 1980-2008.

The results of the empirical analysis show that the roles of price-makers and price-takers in the international oil market shift systematically over the oil price cycle as expected in Arrow (1959) and Marx (1975).  Indigenous movements, socialist governments, and the exploitation of natural resources: the cases of Bolivia, Ecuador, and Peru.

This paper reviews the recent experiences in Bolivia, Ecuador, and Peru, where indigenous movements oppose the so called “extractivist” model of development being imposed on their communities by self-described socialist governments.  The evolving relationship between state-landlords and international oil companies is discussed in the context of these three countries and empirical facts are reviewed.  A discussion of  environmentally-friendly development strategies and economic policies in socialist societies in the context of 21st century highly competitive global energy markets concludes the paper.

Demand and market value in Marx’s theory of Rent: In Marxian economics market-value in rent-bearing sectors is conceptualized as being solely determined by production conditions in the highest-cost regions (worst lands, almost depleted mines and oil reservoirs, etc).

In this article I argue that this view is wrongfully attributed to Marx.  I show that in Theories of Surplus Value II Marx presented a very detailed numerical example where the determination of market-value in the coal market by the conditions of production located in the highest-cost region was just one case scenario of market-value determination among a number of other possible scenarios.  I conduct a detailed analysis of Marx’s numerical example and show that for Marx demand conditions in conjunction with production conditions determine the market-value of commodities produced in rent-bearing sectors.  I conclude the article discussing how Marx’s analysis of market-value determination in the coal market can provide us with important theoretical insights into the determinant forces driving oil price cycles.


Honors, Awards and Affiliations

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