Monograph presenting an economic theory in support of a new economic system based on workers' self-management (workers participation) - covers the equilibrium of a competitive enterprise and changing market conditions, the decentralization of decision making, labour supply functions, economic policy problems, 'income sharing' (wages) and wage incentive, the allocation of economic resources, legal aspects and basic institutional forms of the labour-managed economy, etc. Diagrams and references.

This book uses economic theory to argue that labor-managed firms are rare due to market failures rather than any inherent organizational defects

This book uses economic theory to argue that worker-controlled firms are rare due to market failures rather than inherent organizational defects. The book will be of interest to scholarly researchers, graduate students, and advanced undergraduates in economics, especially in industrial organization, labor economics, comparative economics, organizational economics, and finance.

The economic theory of the labor-managed firm dates back 60 years. Here I review the intellectual history of this field, with critical remarks and proposals for future development. The decades of the 1960s-1980s saw a burst of theoretical speculation that generally did not hold up well under empirical scrutiny. By the 1990s, progress on the mainstream theory of the firm was overtaking some of this early research. At the same time, a growing body of econometric work on labor-managed firms was providing new stylized facts for theorists to explain. While the earlier period was characterized by an excess supply of theories relative to facts, more recently the balance has begun to tip in the opposite direction. I close by suggesting new theoretical directions that might shed light on the empirical asymmetries between capital-managed and labor-managed firms.

Monograph comprising an evaluation of workers self management experiences in Peru and Yugoslavia - discusses the solutions to macroeconomics problems such as unequal income distribution, decision making on capital investment, and labour productivity within self-managed firms, etc., and considers micro and macro economic theory relating to efficiency and competition. Graphs and references.

short term financing limitations.

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Discusses the theory of labour-managed firms or producers' cooperatives, and of economies companies principally of such firms.

"This thesis presents a new approach to the theory of the labor-managed firm, based on the case of the Yugoslavian labor-managed economy. Instead of income per worker maximization, we suggest that a labor-managed firm in a certain environment and given institutional setting maximizes revenue, while under uncertainty another approach is taken, namely that of social welfare maximization." --