THE THEORY OF THE LABOR‐MANAGED FIRM: PAST, PRESENT, AND FUTURE

THE THEORY OF THE LABOR‐MANAGED FIRM: PAST, PRESENT, AND FUTURE The economic theory of the labor‐managed firm dates back 60 years. Here I review the intellectual history of this field, with critical remarks and proposals for future development. The decades of the 1960s–1980s saw a burst of theoretical speculation that generally did not hold up well under empirical scrutiny. By the 1990s, progress on the mainstream theory of the firm was overtaking some of this early research. At the same time, a growing body of econometric work on labor‐managed firms was providing new stylized facts for theorists to explain. While the earlier period was characterized by an excess supply of theories relative to facts, more recently the balance has begun to tip in the opposite direction. I close by suggesting new theoretical directions that might shed light on the empirical asymmetries between capital‐managed and labor‐managed firms. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Annals of Public and Cooperative Economics Wiley

THE THEORY OF THE LABOR‐MANAGED FIRM: PAST, PRESENT, AND FUTURE

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Publisher
Wiley
Copyright
Journal compilation © 2018 CIRIEC
ISSN
1370-4788
eISSN
1467-8292
D.O.I.
10.1111/apce.12194
Publisher site
See Article on Publisher Site

Abstract

The economic theory of the labor‐managed firm dates back 60 years. Here I review the intellectual history of this field, with critical remarks and proposals for future development. The decades of the 1960s–1980s saw a burst of theoretical speculation that generally did not hold up well under empirical scrutiny. By the 1990s, progress on the mainstream theory of the firm was overtaking some of this early research. At the same time, a growing body of econometric work on labor‐managed firms was providing new stylized facts for theorists to explain. While the earlier period was characterized by an excess supply of theories relative to facts, more recently the balance has begun to tip in the opposite direction. I close by suggesting new theoretical directions that might shed light on the empirical asymmetries between capital‐managed and labor‐managed firms.

Journal

Annals of Public and Cooperative EconomicsWiley

Published: Jan 1, 2018

Keywords: ; ; ; ; ; ; ; ; ; ; ; ; ;

References

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