Liberal - contractarian philosophies of justice see the unjust systems of slavery and autocracy in the past as being based on coercion - whereas the social order in the modern democratic market societies is based on consent and contract. However, the 'best' case for slavery and autocracy in the...

The notion of goodwill is controversial for good reason. The usual treatment of goodwill as a present property right, e.g., in the accounting treatment of purchased goodwill as an asset, is based on a rather fundamental confusion between a present property right and an anticipated future right....

The highly mathematical nature of the Arrow-Debreu and other similar models of general equilibrium hide rather than elucidate the nature of equilibrium in a private property market economy where all factors of production may be purchased or rented. It is an empirical commonplace that the...

A decade has passed since the privatization debates concerning Russia and the other transition economies. This note reviews literature on two issues: the overall institutional change strategy, and the alternatives to and arguments against voucher privatization. The alternative is a strategy of...

This paper is a case study of what is recognized as one of the more successful projects in any country in the Europe and Central Asia region, not to mention in the poorest country of the region-Moldova. The ARIA project shows new ways to attack some of the most intractable problems of private...

Jamie Morgan's commentary (Morgan, 2016) on my paper 'The Labour Theory of Property and Marginal Productivity Theory' (Ellerman, 2016) and Ted Burczak's later comments raise a number of issues that surely will occur to other readers and that need to be addressed. I take the occasion to expand...

Neoclassical economic theory presents marginal productivity (MP) theory using the scalar notion of marginal products, and takes pains, in one way or another, to argue that competitive equilibrium satisfies the supposedly ethical principle: "To each what he and the instruments he owns produces."...

After Marx, dissenting economics almost always used 'the labor theory' as a theory of value. This paper develops a modern treatment of the alternative labor theory of property that is essentially the property theoretic application of the juridical principle of responsibility: impute legal...

There is a fatal logical-methodological fallacy involved in the Kaldor-Hicks principle which analyzes a Pareto improvement into an "efficiency" part and an "equity" part--so that economists can supposedly recommend the efficiency part in their scientific role as economists while leaving the...

In her recent book Private Government, Elizabeth Anderson makes a powerful but pragmatic case against the abuses experienced by employees in conventional corporations. The purpose of this review-essay is to contrast Anderson's pragmatic critique of many abuses in the employment relation with a...