In an almost completely obscure article, I turned neoclassical theory on its head and showed that cooperatives were at least as efficient as profit-seeking firms, nonprofit organizations, and government bureaus.
The reference is: "The Economics of the Nonprofit Motive: A Suggested Formulation of Objectives and Constraints for Firms and Nonprofit Enterprises," Journal of Interdisciplinary Economics, Volume 8, Number 4, 1997, pp.265-280. >In a sentence or two: > >Pagano's critique of the conventional analysis is based on the latter's >reliance on what he calls a "leisure semantic device," introduced by >Walras, to enable an indifference curve analysis of work and leisure. The >adoption of the device, in Pagano's opinion, underlies modern economic >theory's "almost complete ignorance of the difference between human labour >and the other resources." > >David Spencer has also done interesting work on the "disappearance of >labor" from modern economic theory. Of course labor reappears on the >surface as a "choice" or a "factor of production" but only after its unique >characteristics have been crudely homogenized as a commodity just like any >other. > >On Thu, Dec 15, 2011 at 10:50 AM, Doug Henwood <[email protected]> wrote: > >> >> On Dec 15, 2011, at 1:15 PM, Sandwichman wrote: >> >> > For a good theoretical discussion of the economics of worker coops and a >> critique of the conventional analysis, see Ugo Pagano's Work and Welfare in >> Economic Theory. >> >> Before we all race to the library, what's the argument in a sentence or >> two? >> >> Doug >> _______________________________________________ >> pen-l mailing list >> [email protected] >> https://lists.csuchico.edu/mailman/listinfo/pen-l >> > > > >-- >Sandwichman > > _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
