Factor Usage by a Labour-Managed Firm in a Socialist Economy

Bibliographic Data

ID9722726
AuthorsS Charles Maurice, C E Ferguson
Year1972
Volume39
Issue153
Pages18
Publication date1972-02-01
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueEconomica (JOURNAL)
Journal identifiersISSN: 0013-0427 • E-ISSN: 1468-0335
PublisherJSTOR (PUBLISHER)
DOI10.2307/2552053
OpenAlexW2065115164
LanguageEN
Citations received4
References cited5

Certain socialist economies are conducting interesting experiments in whlich the labour force of a firm is collectively given the entrepreneurial function.' As one should expect, factor pricing and factor demand under this organization differ from their counterparts in a competitive freeenterprise system. However, the difference is not as great as might be anticipated. On the other hand, if commodity price is not parametrically given to the labour-managed firm, there is no counterpart to the efficiently-organized monopolist in an enterprise economy.2 These assertions are subjected to examination in the remainder of this article. Several writers have investigated the properties of factor pricing and factor demand in a labour-management regime.3 Some of these studies have been heuristic in character, others have been more mathematical and formal. Our development of this topic follows the latter pattern, and it is more closely associated with the work of Vanek and Ward than with the work of other writers. However, we make a significant departure from the Vanek-Ward approach in that we consider the long-run cost-minimizing behaviour of the labour-managed firm. While other topics are analysed, our chief emphasis is placed here

Adam smith · Commodity · Economics · Factor (programming language) · Factor price · Function (biology) · Labour economics · Market economy · Microeconomics · Neoclassical economics · Work (physics) · Economic theories and models · Merger and Competition Analysis

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