'Divergent Equilibrium' in a Labour-Managed Economy

Bogetic, Zeljko

Abstract

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'Divergent Equilibrium' in a Labour-Managed Economy

Zeljko Bogetic

World Bank

September 1, 1991

Analysis and Workers' Management, Vol. 3, No. 25, pp. 289-296, 1991

Abstract:
This note demonstratres a potential theoretical problem in achieving general equilibrium in an economy composed of competitive firms maximizing income per worker, under conditions of fixed capital; a problem which might suggest that disequilibria in some markets might be a rule rather than exception. The result reinforces the view that a number of behavioral peculiarities in labour-managed firms may have serious repercussions on the behaviour of the labour-managed economy in general equilibrium.

Number of Pages in PDF File: 7

Keywords: workers management, labor management, socialism, general equilibrium

JEL Classification: J5, L2, M54, C6, D5

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Date posted: April 30, 2011

Suggested Citation

Bogetic, Zeljko, 'Divergent Equilibrium' in a Labour-Managed Economy (September 1, 1991). Analysis and Workers' Management, Vol. 3, No. 25, pp. 289-296, 1991. Available at SSRN: http://ssrn.com/abstract=1824579

Contact Information

Zeljko Bogetic (Contact Author)

World Bank ( email )

1818 H Street, N.W.
Washington, DC 20433
United States