Corporations have been getting a bad rap lately. Many blame “corporations” for a litany of ills that, upon closer examination, should be blamed on another institution. Our goal is to analyze a miscellany of fallacies concerning the Citizens United case, corporate personhood, the stakeholder...

Throughout mathematics, science, engineering, and human affairs, there are two logics that are dual to one another (series-parallel duality). Albert Hirschman investigates the two logics as the parallel-oriented logic of exit and the series-oriented logic of commitment, loyalty, and voice....

I was asked by a national economics correspondent to give a short version, written in non-technical terms, of the responsibility principle (or labor theory of property) applied to the workplace. This is the “justice in the workplace” argument in a nutshell

Following the alleged "success" in Czechoslovakia, voucher privatization with investment funds became the form of privatization favored across the transition economies from Mongolia to Slovenia by the "Washington consensus" and by the most prominent and vocal western economic advisors. But the...

Throughout much of the transition debate in the post-socialist countries, there was an implicit or explicit assumption that Wall-Street capitalism as found in America was "the model" for an advanced private property market economy. Today, this assumption continues to inform and shape public...

The purpose of this paper is to delve into three side-arguments or themes about democratic enterprises (as opposed to considering first principles). Approach: 1) The first theme is the question of capital structure where labor-managed firms are often pictured as having "horizon problem." Yet...

This paper shows that implicit assumptions about the numeraire good in the Kaldor-Hicks efficiency-equity analysis involve a "same-yardstick" fallacy (a fallacy pointed out by Paul Samuelson in another context). These results have negative implications for cost-benefit analysis, the...