Featured | Democratic Firms
Is “Capitalism” a Misnomer? On Marx’s “capitalism” and Knight’s “civilization”
This is an open access article from the European Journal of the History of Economic Thought.
The name “capitalism” derives from Marx’s false analogy between medieval land ownership and the “ownership of the means of production.” However, unlike medieval land, capital goods can be rented out, e.g., by Frank Knight’s entrepreneur, and then the capital owner does not hold those management or product rights. What then is the characteristic institution in our civilization? It is the voluntary renting of workers. What then is the relationship between Classical Liberalism, the dominant philosophy behind Economics, and a lifetime labor contract? Frank Knight had plenty to say against the doctrine of inalienable rights which disallows such contracts.
The Kantian Person/Thing Principle in Political Economy
This is Chapter 4 in my book: Ellerman, David. 1995. Intellectual Trespassing as a Way of Life: Essays in Philosophy, Economics, and Mathematics. Lanham MD: Rowman & Littlefield.
Ethical theories can be broadly grouped into utilitarian theories and rights-based theories. Modern economics is so thoroughly utilitarian that most economists would be hard-pressed to cite the application of a rights-based argument to economic institutions. Yet the normative principles outlined in the first two chapters, the labor theory of property and the de facto theory of inalienability, are squarely within the rights-based tradition. The democratic principle of self-determination is also a closely allied rights-based theory [see Ellerman 1992].
Featured | Development
Intrinsic versus Extrinsic Motivation
This paper reviews some of the classic authors and literature on the subtleties of intrinsic motivation in the human activities where a presumed ‘helper’ (teacher, manager, social worker, etc.) are working with a certain class of ‘doers’ (students, workers, clients, etc.).
Marcora Law for Europe
There is a time-tested solution in Spain and Italy that provides liquidity to such enterprises in a democratic manner by establishing employee ownership schemes. The new source of liquidity is allowing unemployed workers to capitalize part of their unemployment insurance to invest in a new or existing enterprise where they will have a job.
Featured | Property Theory
Is “Capitalism” a Misnomer? On Marx’s “capitalism” and Knight’s “civilization”
This is an open access article from the European Journal of the History of Economic Thought.
The name “capitalism” derives from Marx’s false analogy between medieval land ownership and the “ownership of the means of production.” However, unlike medieval land, capital goods can be rented out, e.g., by Frank Knight’s entrepreneur, and then the capital owner does not hold those management or product rights. What then is the characteristic institution in our civilization? It is the voluntary renting of workers. What then is the relationship between Classical Liberalism, the dominant philosophy behind Economics, and a lifetime labor contract? Frank Knight had plenty to say against the doctrine of inalienable rights which disallows such contracts.
The Kantian Person/Thing Principle in Political Economy
This is Chapter 4 in my book: Ellerman, David. 1995. Intellectual Trespassing as a Way of Life: Essays in Philosophy, Economics, and Mathematics. Lanham MD: Rowman & Littlefield.
Ethical theories can be broadly grouped into utilitarian theories and rights-based theories. Modern economics is so thoroughly utilitarian that most economists would be hard-pressed to cite the application of a rights-based argument to economic institutions. Yet the normative principles outlined in the first two chapters, the labor theory of property and the de facto theory of inalienability, are squarely within the rights-based tradition. The democratic principle of self-determination is also a closely allied rights-based theory [see Ellerman 1992].
Featured | Quantum Mechanics
A Fundamental Duality in the Mathematical and Natural Sciences
This is an essay in what might be called “mathematical metaphysics.” There is a fundamental duality that runs through mathematics and the natural sciences, from logic to biology.
A Basic Duality in the Exact Sciences: Application to QM
This approach to interpreting quantum mechanics is not another jury-rigged or ad-hoc attempt at the interpretation of quantum mechanics but is a natural application of the fundamental duality running throughout the exact sciences.
Featured | Mathematics
A Fundamental Duality in the Mathematical and Natural Sciences
This is an essay in what might be called “mathematical metaphysics.” There is a fundamental duality that runs through mathematics and the natural sciences, from logic to biology.
A Talk on Logic and Information in Krakow
Click here to download the slides.
