“One would also need to consi...

“One would also need to consider institutional rules that might help cope with the absence of a membership market, such as restrictions on nonmember hiring to prevent degeneration or a minimum level of saving out of cash flow to prevent underinvestment .”

— The Labor-Managed Firm: Theoretical Foundations by Gregory K. Dow
https://a.co/fq5cw6T

“LMFs (whether they are profe...

“LMFs (whether they are professional partnerships or worker coops) will adopt property rights systems where continuing members control the admission of replacement members. This is consistent with universal practice in such firms and contrasts sharply with the common practice in KMFs of allowing equity shares to be traded on anonymous public markets.”

— The Labor-Managed Firm: Theoretical Foundations by Gregory K. Dow
https://a.co/j1vPfW4

“When departing workers hold ...

“When departing workers hold property rights over their positions, they sell out to whomever will pay the most. Due to adverse selection, this is a low-quality agent.”

— The Labor-Managed Firm: Theoretical Foundations by Gregory K. Dow
https://a.co/3dLEjP6

2021-02-04 작성된 글

2021-02-04 작성된 글