Bradley, Michael D; Smith, Stephen C - In: Economica 55 (1988) 218, pp. 249-59
The Ward-Vanek labor-managed economy macro models are found to contain errors in capital pricing treatment which, when correct ed, removes "perverse" responses and leads to monetary neutrality. Vanek's (1977) open model is shown not to be a labor-managed econ-omy model, but rather one of any...