'Divergent Equilibrium' in a Labour-Managed Economy
September 1, 1991
Analysis and Workers' Management, Vol. 3, No. 25, pp. 289-296, 1991
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, D5Accepted Paper Series
Date posted: April 30, 2011
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