Advances in Austrian Economics, Volume 3 by Peter J. Boettke (ed.)

By Peter J. Boettke (ed.)

This 3rd quantity within the sequence is split into 4 elements. the 1st offers a symposium on versions of socialism, the second one offers present study, the 3rd, evaluation essays, and the fourth, booklet stories.

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By Peter J. Boettke (ed.)

This 3rd quantity within the sequence is split into 4 elements. the 1st offers a symposium on versions of socialism, the second one offers present study, the 3rd, evaluation essays, and the fourth, booklet stories.

Show description

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By contrast the growth under economic democracy may be lower, but socially far more desirable, if for no other reason than that it was determined predominantly by democratic forces and decision making. J: Here let us only note the self-evident fact that workers of a factory, living on the average say five miles from it, will be far more likely to vote for clean air than "atomized" stockholders living on the average 1,000 miles from the factory which they almost certainly have never seen, and profit from which is their dominant consideration.

Indeed even the contemporary Austrian theory of entrepreneurship has trouble accounting for entrepreneurship within corporate oligarchies. All too often the theory posits "the" entrepreneur in an atomized Crusoe-like setting. When these mastodontic entities die or come near to death for lack of positive profit, often it is the living instinct of self-preservation (not of the profitmaximizers, but of working human beings to save their livelihood) which operates a metamorphosis from death to life in the form of some workers' ownership as discussed earlier.

ISBN: 0-7623-0055-8 41 42 N. SCOl-r ARNOLD I. ROEMER'S VERSION OF MARKET SOCIALISM The study of property rights among economists has become the study of organizations, since property rights in the means of production are manifested in particular types of organizations such as the classical capitalist firm and the modern corporation. In considering an alternative to capitalism, the natural question to ask is what replaces these organizational structures. Roemer envisions large firms managed by managers who aim at maximizing profits (1994a, p.

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