Featured | Democratic Firms
Democratic Ownership: Scale Through Leveraged Conversions
One of the problems that cooperatives face is that they do not have a standard gradual conversion mechanism but are generally established as new business startups or by an all-at-once conversion of a conventional company to a cooperative. This paper describes such a conversion mechanism.
Critical Analysis of Different Forms of Employee Ownership
From the 1970’s, there has been almost a half-century of development of employee-owned firms. There has been a wide variety of legal/capital structures that have been tried but too little analysis of which legal forms work or don’t work over the longer term, e.g., the transition from one generation to the next generation of employee-owners. This paper provides a critical analysis of the major forms. The emphasis is the lack of learning between the different forms. The same problems keep recurring even though solutions are known.
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
How to understand quantum mechanics
This paper tries to elucidate the paradoxical aspects of quantum mechanics (QM) by using a simplified pedagogical model of QM based on the support sets of the state vectors, by assuming an ontology of superposition-as-objective indefiniteness, and by not giving any ontological interpretation to the computational device of the wave function.
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.
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.
