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Economics of Cooperation and the Labour-Managed Economy
John Bonin,Louis Putterman
Limited preview - 2002
allocation analysis argues assumed average net product bargaining behavior Bonin capital market changes co-determination collective farms contract cooperatives decision-making decisions decrease discussed dividend dividend-maximizing earnings economic effects efficient effort egalitarian employment enterprise equilibrium Estrin factor financing fixed cost Furubotn hired household Illyrian incentives income income effects increase individual industrial internal Ireland and Law kibbutz kolkhoz labor input labor market labor-managed firms literature LMF(V market wage Marxian Economics maximize monitoring moral hazard Norman Ireland number of workers output price ownership Pareto optimal participation payment PC's peasant Pejovich Peter Law positive problem product market product of labor product price profit profit-maximizing Putterman quota rents response result returns to scale revenue risk-averse Section sector self-financing self-management share short run SLMF social socialist Soviet spot market supply curve theory tion utility function value marginal product Vanek variable worker-managed worker-members workforce Yugoslav Yugoslavia