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The purpose of this paper is to go back to the first principles of democracy and private property, and to show that they are violated by the conventional firms based on the employment relations and are satisfied by the legal form of a worker cooperative. The conventional bundle of rights in a...
Persistent link: https://www.econbiz.de/10012934637
Constitutional political economy mostly distinguishes between rules and actions, with rules selected prior to actions within those rules. While we accept the coherence of this distinction, we pursue it within an open rather than closed scheme of analysis. Doing this entails recognition that...
Persistent link: https://www.econbiz.de/10012934645
I present two algorithms for solving dynamic programs with exogenous variables: endogenous value iteration and endogenous policy iteration. These algorithms are like relative value iteration and relative policy iteration, except they discard the variation in the value function due solely to the...
Persistent link: https://www.econbiz.de/10012934646
Structural change is associated with high costs for the economy and the society ranging from environmental pollution to unemployment. We show that monotonous structural paths minimize the structural change costs in the three-sector framework (related to agriculture, manufacturing, and services),...
Persistent link: https://www.econbiz.de/10012934648
The definition of moral conviction suggests that morally convicted individuals have a bifurcated view of political issues: policies are deemed either (a) morally right or (b) morally wrong. Moral attitudes do not lend themselves to middle of the road evaluations of policies, such as the...
Persistent link: https://www.econbiz.de/10012934657
In September, 1933, Pigou's The Theory of Unemployment appeared. After reading it, Keynes decided that he would not … analysis in The Theory of Unemployment. Keynes improved on the mathematical modeling by explicitly integrating expected profits … equilibria. The locus of all such multiple equilibria forms the major theoretical breakthrough of the General Theory, Keynes …
Persistent link: https://www.econbiz.de/10012934661
Persistent link: https://www.econbiz.de/10012934665
This paper empirically investigates the effect of genetic diversity on income inequality in a large cross-section of countries. Previous studies demonstrated that ethnic, linguistic and religious fractionalization have significant impact on economic performance measures, but the effect will...
Persistent link: https://www.econbiz.de/10012934677
Recently, property scholars have challenged neoclassical economic theory as the primary lens for understanding … ownership. As an alternative to the all-too familiar concepts of welfarism, the rational-actor theory, and cost-benefit analysis … theory is woefully incomplete as a theory of genetic ownership. Progressive property promises a more complete approach. Yet …
Persistent link: https://www.econbiz.de/10012934683
breach theory or the best risk bearer model. The conclusion is that in the Italian legal system there is a discipline that … could be considered as a form of “modified” efficient breach theory, according to which judges can decide to terminate …
Persistent link: https://www.econbiz.de/10012934685