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Volumn 24, Issue 4, 1996, Pages 307-342

Efficient redistribution: New rules for markets, states, and communities

(2)  Bowles, Samuel a   Gintis, Herbert a  

a NONE

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0030300564     PISSN: 00323292     EISSN: None     Source Type: Journal    
DOI: 10.1177/0032329296024004003     Document Type: Article
Times cited : (46)

References (86)
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    • In the United States in 1987, for example, the above categories of "guard labor" constituted over a quarter of the labor force, and the rate of growth of guard labor substantially outstripped the rate of growth of the labor force in the previous two decades. See Samuel Bowles, David M. Gordon, and Thomas E. Weisskopf, After the Waste Land: A Democratic Alternative for the Year 2000 (Armonk, NY: Sharpe, 1990).
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    • A critical example of a coordination failure of this type are strikes. It is perhaps not surprising that in the more advanced welfare states and more egalitarian capitalist economies, Sweden, the Netherlands, Denmark, and Germany, for example, the fraction of workdays lost to strikes in the period 1955-1989 averaged less than a third of the level in countries with less well-developed welfare states, the United States, Canada, Australia, and Italy. See Office of Productivity and Technology, Industrial Disputes Workers Involved and Worktime Lost 15 Countries 1955-1989 (Washington, DC: Office of Productivity and Technology, U.S. Bureau of Labor Statistics, November 1990).
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    • Rational peasants, efficient institutions, and a theory of rural organization
    • ed. Pranab Bardhan Oxford, UK: Oxford University Press
    • For some recent treatments of the relationship between property rights and efficiency, see Partha Dasgupta and Debraj Ray, "Inequality as a Determinant of Malnutrition and Unemployment," Economic Journal 96 (December 1986): 1011-34. Sanford Grossman and Oliver D. Hart, "The Costs and Benefits of Vertical and Horizontal Integration," Journal of Political Economy 94, no. 4 (August 1986): 691-719; Oliver Hart and John Moore, "Property Rights and the Nature of the Firm," Journal of Political Economy 98, no. 6 (December 1990): 1119-58; Karla Hoff, "The Second Theorem of the Second Best," Journal of Public Economics 25 (1994): 223-42; Karla Hoff and Andrew B. Lyon, "Non-Leaky Buckets: Optimal Redistributive Taxation and Agency Costs," Journal of Public Economics 26 (1995): 365-90; Paul Milgrom, "Employment Contracts, Influence Activities, and Efficient Organization Design," Journal of Political Economy 96, no. 1 (1988): 42-60; Curtis Eaton and William D. White, "The Distribution of Wealth and the Efficiency of Institutions," Economic Inquiry 39, no. 2 (April 1991): 336-50; Karl Ove Moene, "Strong Unions or Worker Control," in Alternatives to Capitalism ed. Jon Elster and Karl Ove Moene (Cambridge, UK: Cambridge University Press, 1989); Joseph Stiglitz, "Rational Peasants, Efficient Institutions, and a Theory of Rural Organization," in The Economic Theory of Agrarian Institutions, ed. Pranab Bardhan (Oxford, UK: Oxford University Press, 1989), 10-29; Philippe Aghion and Patrick Bolton, "An Incomplete Contracts Approach to Financial Contracting," Review of Economic Studies 59 (1992): 473-94; Philippe Aghion and Patrick Bolton, "A Theory of Trickle-down Growth and Development," working paper, 1994; A. Banerjee and Andrew Newman, "Poverty, Incentives, and Development," American Economic Association Papers and Proceedings (May 1994): 211-5; Andrew Newman, "The Capital Market Inequality and the Employment Relation," Columbia University, 1994; Karl Ove Moene, "Poverty and Land Ownership," American Economic Review 81, no. 1 (March 1992): 52-64; Alan Manning, "Imperfect Labour Markets, the Stock Market, and the Inefficiency of Capitalism," Oxford Economic Papers 44 (1992): 257-71; and Dilip Mookherjee, "Informational Rents and Property Rights in Land," in J. Roemer, ed., Property Rights, Incentives, and Welfare (London: Macmillan, forthcoming).
    • (1989) The Economic Theory of Agrarian Institutions , pp. 10-29
    • Stiglitz, J.1
  • 22
    • 84963057501 scopus 로고
    • An incomplete contracts approach to financial contracting
    • For some recent treatments of the relationship between property rights and efficiency, see Partha Dasgupta and Debraj Ray, "Inequality as a Determinant of Malnutrition and Unemployment," Economic Journal 96 (December 1986): 1011-34. Sanford Grossman and Oliver D. Hart, "The Costs and Benefits of Vertical and Horizontal Integration," Journal of Political Economy 94, no. 4 (August 1986): 691-719; Oliver Hart and John Moore, "Property Rights and the Nature of the Firm," Journal of Political Economy 98, no. 6 (December 1990): 1119-58; Karla Hoff, "The Second Theorem of the Second Best," Journal of Public Economics 25 (1994): 223-42; Karla Hoff and Andrew B. Lyon, "Non-Leaky Buckets: Optimal Redistributive Taxation and Agency Costs," Journal of Public Economics 26 (1995): 365-90; Paul Milgrom, "Employment Contracts, Influence Activities, and Efficient Organization Design," Journal of Political Economy 96, no. 1 (1988): 42-60; Curtis Eaton and William D. White, "The Distribution of Wealth and the Efficiency of Institutions," Economic Inquiry 39, no. 2 (April 1991): 336-50; Karl Ove Moene, "Strong Unions or Worker Control," in Alternatives to Capitalism ed. Jon Elster and Karl Ove Moene (Cambridge, UK: Cambridge University Press, 1989); Joseph Stiglitz, "Rational Peasants, Efficient Institutions, and a Theory of Rural Organization," in The Economic Theory of Agrarian Institutions, ed. Pranab Bardhan (Oxford, UK: Oxford University Press, 1989), 10-29; Philippe Aghion and Patrick Bolton, "An Incomplete Contracts Approach to Financial Contracting," Review of Economic Studies 59 (1992): 473-94; Philippe Aghion and Patrick Bolton, "A Theory of Trickle-down Growth and Development," working paper, 1994; A. Banerjee and Andrew Newman, "Poverty, Incentives, and Development," American Economic Association Papers and Proceedings (May 1994): 211-5; Andrew Newman, "The Capital Market Inequality and the Employment Relation," Columbia University, 1994; Karl Ove Moene, "Poverty and Land Ownership," American Economic Review 81, no. 1 (March 1992): 52-64; Alan Manning, "Imperfect Labour Markets, the Stock Market, and the Inefficiency of Capitalism," Oxford Economic Papers 44 (1992): 257-71; and Dilip Mookherjee, "Informational Rents and Property Rights in Land," in J. Roemer, ed., Property Rights, Incentives, and Welfare (London: Macmillan, forthcoming).
    • (1992) Review of Economic Studies , vol.59 , pp. 473-494
    • Aghion, P.1    Bolton, P.2
  • 23
    • 0004335737 scopus 로고
    • working paper
    • For some recent treatments of the relationship between property rights and efficiency, see Partha Dasgupta and Debraj Ray, "Inequality as a Determinant of Malnutrition and Unemployment," Economic Journal 96 (December 1986): 1011-34. Sanford Grossman and Oliver D. Hart, "The Costs and Benefits of Vertical and Horizontal Integration," Journal of Political Economy 94, no. 4 (August 1986): 691-719; Oliver Hart and John Moore, "Property Rights and the Nature of the Firm," Journal of Political Economy 98, no. 6 (December 1990): 1119-58; Karla Hoff, "The Second Theorem of the Second Best," Journal of Public Economics 25 (1994): 223-42; Karla Hoff and Andrew B. Lyon, "Non-Leaky Buckets: Optimal Redistributive Taxation and Agency Costs," Journal of Public Economics 26 (1995): 365-90; Paul Milgrom, "Employment Contracts, Influence Activities, and Efficient Organization Design," Journal of Political Economy 96, no. 1 (1988): 42-60; Curtis Eaton and William D. White, "The Distribution of Wealth and the Efficiency of Institutions," Economic Inquiry 39, no. 2 (April 1991): 336-50; Karl Ove Moene, "Strong Unions or Worker Control," in Alternatives to Capitalism ed. Jon Elster and Karl Ove Moene (Cambridge, UK: Cambridge University Press, 1989); Joseph Stiglitz, "Rational Peasants, Efficient Institutions, and a Theory of Rural Organization," in The Economic Theory of Agrarian Institutions, ed. Pranab Bardhan (Oxford, UK: Oxford University Press, 1989), 10-29; Philippe Aghion and Patrick Bolton, "An Incomplete Contracts Approach to Financial Contracting," Review of Economic Studies 59 (1992): 473-94; Philippe Aghion and Patrick Bolton, "A Theory of Trickle-down Growth and Development," working paper, 1994; A. Banerjee and Andrew Newman, "Poverty, Incentives, and Development," American Economic Association Papers and Proceedings (May 1994): 211-5; Andrew Newman, "The Capital Market Inequality and the Employment Relation," Columbia University, 1994; Karl Ove Moene, "Poverty and Land Ownership," American Economic Review 81, no. 1 (March 1992): 52-64; Alan Manning, "Imperfect Labour Markets, the Stock Market, and the Inefficiency of Capitalism," Oxford Economic Papers 44 (1992): 257-71; and Dilip Mookherjee, "Informational Rents and Property Rights in Land," in J. Roemer, ed., Property Rights, Incentives, and Welfare (London: Macmillan, forthcoming).
    • (1994) A Theory of Trickle-down Growth and Development
    • Aghion, P.1    Bolton, P.2
  • 24
    • 0028563468 scopus 로고
    • Poverty, incentives, and development
    • May
    • For some recent treatments of the relationship between property rights and efficiency, see Partha Dasgupta and Debraj Ray, "Inequality as a Determinant of Malnutrition and Unemployment," Economic Journal 96 (December 1986): 1011-34. Sanford Grossman and Oliver D. Hart, "The Costs and Benefits of Vertical and Horizontal Integration," Journal of Political Economy 94, no. 4 (August 1986): 691-719; Oliver Hart and John Moore, "Property Rights and the Nature of the Firm," Journal of Political Economy 98, no. 6 (December 1990): 1119-58; Karla Hoff, "The Second Theorem of the Second Best," Journal of Public Economics 25 (1994): 223-42; Karla Hoff and Andrew B. Lyon, "Non-Leaky Buckets: Optimal Redistributive Taxation and Agency Costs," Journal of Public Economics 26 (1995): 365-90; Paul Milgrom, "Employment Contracts, Influence Activities, and Efficient Organization Design," Journal of Political Economy 96, no. 1 (1988): 42-60; Curtis Eaton and William D. White, "The Distribution of Wealth and the Efficiency of Institutions," Economic Inquiry 39, no. 2 (April 1991): 336-50; Karl Ove Moene, "Strong Unions or Worker Control," in Alternatives to Capitalism ed. Jon Elster and Karl Ove Moene (Cambridge, UK: Cambridge University Press, 1989); Joseph Stiglitz, "Rational Peasants, Efficient Institutions, and a Theory of Rural Organization," in The Economic Theory of Agrarian Institutions, ed. Pranab Bardhan (Oxford, UK: Oxford University Press, 1989), 10-29; Philippe Aghion and Patrick Bolton, "An Incomplete Contracts Approach to Financial Contracting," Review of Economic Studies 59 (1992): 473-94; Philippe Aghion and Patrick Bolton, "A Theory of Trickle-down Growth and Development," working paper, 1994; A. Banerjee and Andrew Newman, "Poverty, Incentives, and Development," American Economic Association Papers and Proceedings (May 1994): 211-5; Andrew Newman, "The Capital Market Inequality and the Employment Relation," Columbia University, 1994; Karl Ove Moene, "Poverty and Land Ownership," American Economic Review 81, no. 1 (March 1992): 52-64; Alan Manning, "Imperfect Labour Markets, the Stock Market, and the Inefficiency of Capitalism," Oxford Economic Papers 44 (1992): 257-71; and Dilip Mookherjee, "Informational Rents and Property Rights in Land," in J. Roemer, ed., Property Rights, Incentives, and Welfare (London: Macmillan, forthcoming).
    • (1994) American Economic Association Papers and Proceedings , pp. 211-215
    • Banerjee, A.1    Newman, A.2
  • 25
    • 0003816997 scopus 로고
    • Columbia University
    • For some recent treatments of the relationship between property rights and efficiency, see Partha Dasgupta and Debraj Ray, "Inequality as a Determinant of Malnutrition and Unemployment," Economic Journal 96 (December 1986): 1011-34. Sanford Grossman and Oliver D. Hart, "The Costs and Benefits of Vertical and Horizontal Integration," Journal of Political Economy 94, no. 4 (August 1986): 691-719; Oliver Hart and John Moore, "Property Rights and the Nature of the Firm," Journal of Political Economy 98, no. 6 (December 1990): 1119-58; Karla Hoff, "The Second Theorem of the Second Best," Journal of Public Economics 25 (1994): 223-42; Karla Hoff and Andrew B. Lyon, "Non-Leaky Buckets: Optimal Redistributive Taxation and Agency Costs," Journal of Public Economics 26 (1995): 365-90; Paul Milgrom, "Employment Contracts, Influence Activities, and Efficient Organization Design," Journal of Political Economy 96, no. 1 (1988): 42-60; Curtis Eaton and William D. White, "The Distribution of Wealth and the Efficiency of Institutions," Economic Inquiry 39, no. 2 (April 1991): 336-50; Karl Ove Moene, "Strong Unions or Worker Control," in Alternatives to Capitalism ed. Jon Elster and Karl Ove Moene (Cambridge, UK: Cambridge University Press, 1989); Joseph Stiglitz, "Rational Peasants, Efficient Institutions, and a Theory of Rural Organization," in The Economic Theory of Agrarian Institutions, ed. Pranab Bardhan (Oxford, UK: Oxford University Press, 1989), 10-29; Philippe Aghion and Patrick Bolton, "An Incomplete Contracts Approach to Financial Contracting," Review of Economic Studies 59 (1992): 473-94; Philippe Aghion and Patrick Bolton, "A Theory of Trickle-down Growth and Development," working paper, 1994; A. Banerjee and Andrew Newman, "Poverty, Incentives, and Development," American Economic Association Papers and Proceedings (May 1994): 211-5; Andrew Newman, "The Capital Market Inequality and the Employment Relation," Columbia University, 1994; Karl Ove Moene, "Poverty and Land Ownership," American Economic Review 81, no. 1 (March 1992): 52-64; Alan Manning, "Imperfect Labour Markets, the Stock Market, and the Inefficiency of Capitalism," Oxford Economic Papers 44 (1992): 257-71; and Dilip Mookherjee, "Informational Rents and Property Rights in Land," in J. Roemer, ed., Property Rights, Incentives, and Welfare (London: Macmillan, forthcoming).
    • (1994) The Capital Market Inequality and the Employment Relation
    • Newman, A.1
  • 26
    • 0027098395 scopus 로고
    • Poverty and land ownership
    • March
    • For some recent treatments of the relationship between property rights and efficiency, see Partha Dasgupta and Debraj Ray, "Inequality as a Determinant of Malnutrition and Unemployment," Economic Journal 96 (December 1986): 1011-34. Sanford Grossman and Oliver D. Hart, "The Costs and Benefits of Vertical and Horizontal Integration," Journal of Political Economy 94, no. 4 (August 1986): 691-719; Oliver Hart and John Moore, "Property Rights and the Nature of the Firm," Journal of Political Economy 98, no. 6 (December 1990): 1119-58; Karla Hoff, "The Second Theorem of the Second Best," Journal of Public Economics 25 (1994): 223-42; Karla Hoff and Andrew B. Lyon, "Non-Leaky Buckets: Optimal Redistributive Taxation and Agency Costs," Journal of Public Economics 26 (1995): 365-90; Paul Milgrom, "Employment Contracts, Influence Activities, and Efficient Organization Design," Journal of Political Economy 96, no. 1 (1988): 42-60; Curtis Eaton and William D. White, "The Distribution of Wealth and the Efficiency of Institutions," Economic Inquiry 39, no. 2 (April 1991): 336-50; Karl Ove Moene, "Strong Unions or Worker Control," in Alternatives to Capitalism ed. Jon Elster and Karl Ove Moene (Cambridge, UK: Cambridge University Press, 1989); Joseph Stiglitz, "Rational Peasants, Efficient Institutions, and a Theory of Rural Organization," in The Economic Theory of Agrarian Institutions, ed. Pranab Bardhan (Oxford, UK: Oxford University Press, 1989), 10-29; Philippe Aghion and Patrick Bolton, "An Incomplete Contracts Approach to Financial Contracting," Review of Economic Studies 59 (1992): 473-94; Philippe Aghion and Patrick Bolton, "A Theory of Trickle-down Growth and Development," working paper, 1994; A. Banerjee and Andrew Newman, "Poverty, Incentives, and Development," American Economic Association Papers and Proceedings (May 1994): 211-5; Andrew Newman, "The Capital Market Inequality and the Employment Relation," Columbia University, 1994; Karl Ove Moene, "Poverty and Land Ownership," American Economic Review 81, no. 1 (March 1992): 52-64; Alan Manning, "Imperfect Labour Markets, the Stock Market, and the Inefficiency of Capitalism," Oxford Economic Papers 44 (1992): 257-71; and Dilip Mookherjee, "Informational Rents and Property Rights in Land," in J. Roemer, ed., Property Rights, Incentives, and Welfare (London: Macmillan, forthcoming).
    • (1992) American Economic Review , vol.81 , Issue.1 , pp. 52-64
    • Moene, K.O.1
  • 27
    • 0011598443 scopus 로고
    • Imperfect labour markets, the stock market, and the inefficiency of capitalism
    • For some recent treatments of the relationship between property rights and efficiency, see Partha Dasgupta and Debraj Ray, "Inequality as a Determinant of Malnutrition and Unemployment," Economic Journal 96 (December 1986): 1011-34. Sanford Grossman and Oliver D. Hart, "The Costs and Benefits of Vertical and Horizontal Integration," Journal of Political Economy 94, no. 4 (August 1986): 691-719; Oliver Hart and John Moore, "Property Rights and the Nature of the Firm," Journal of Political Economy 98, no. 6 (December 1990): 1119-58; Karla Hoff, "The Second Theorem of the Second Best," Journal of Public Economics 25 (1994): 223-42; Karla Hoff and Andrew B. Lyon, "Non-Leaky Buckets: Optimal Redistributive Taxation and Agency Costs," Journal of Public Economics 26 (1995): 365-90; Paul Milgrom, "Employment Contracts, Influence Activities, and Efficient Organization Design," Journal of Political Economy 96, no. 1 (1988): 42-60; Curtis Eaton and William D. White, "The Distribution of Wealth and the Efficiency of Institutions," Economic Inquiry 39, no. 2 (April 1991): 336-50; Karl Ove Moene, "Strong Unions or Worker Control," in Alternatives to Capitalism ed. Jon Elster and Karl Ove Moene (Cambridge, UK: Cambridge University Press, 1989); Joseph Stiglitz, "Rational Peasants, Efficient Institutions, and a Theory of Rural Organization," in The Economic Theory of Agrarian Institutions, ed. Pranab Bardhan (Oxford, UK: Oxford University Press, 1989), 10-29; Philippe Aghion and Patrick Bolton, "An Incomplete Contracts Approach to Financial Contracting," Review of Economic Studies 59 (1992): 473-94; Philippe Aghion and Patrick Bolton, "A Theory of Trickle-down Growth and Development," working paper, 1994; A. Banerjee and Andrew Newman, "Poverty, Incentives, and Development," American Economic Association Papers and Proceedings (May 1994): 211-5; Andrew Newman, "The Capital Market Inequality and the Employment Relation," Columbia University, 1994; Karl Ove Moene, "Poverty and Land Ownership," American Economic Review 81, no. 1 (March 1992): 52-64; Alan Manning, "Imperfect Labour Markets, the Stock Market, and the Inefficiency of Capitalism," Oxford Economic Papers 44 (1992): 257-71; and Dilip Mookherjee, "Informational Rents and Property Rights in Land," in J. Roemer, ed., Property Rights, Incentives, and Welfare (London: Macmillan, forthcoming).
    • (1992) Oxford Economic Papers , vol.44 , pp. 257-271
    • Manning, A.1
  • 28
    • 0003234240 scopus 로고    scopus 로고
    • Informational rents and property rights in land
    • J. Roemer, ed., London: Macmillan, forthcoming
    • For some recent treatments of the relationship between property rights and efficiency, see Partha Dasgupta and Debraj Ray, "Inequality as a Determinant of Malnutrition and Unemployment," Economic Journal 96 (December 1986): 1011-34. Sanford Grossman and Oliver D. Hart, "The Costs and Benefits of Vertical and Horizontal Integration," Journal of Political Economy 94, no. 4 (August 1986): 691-719; Oliver Hart and John Moore, "Property Rights and the Nature of the Firm," Journal of Political Economy 98, no. 6 (December 1990): 1119-58; Karla Hoff, "The Second Theorem of the Second Best," Journal of Public Economics 25 (1994): 223-42; Karla Hoff and Andrew B. Lyon, "Non-Leaky Buckets: Optimal Redistributive Taxation and Agency Costs," Journal of Public Economics 26 (1995): 365-90; Paul Milgrom, "Employment Contracts, Influence Activities, and Efficient Organization Design," Journal of Political Economy 96, no. 1 (1988): 42-60; Curtis Eaton and William D. White, "The Distribution of Wealth and the Efficiency of Institutions," Economic Inquiry 39, no. 2 (April 1991): 336-50; Karl Ove Moene, "Strong Unions or Worker Control," in Alternatives to Capitalism ed. Jon Elster and Karl Ove Moene (Cambridge, UK: Cambridge University Press, 1989); Joseph Stiglitz, "Rational Peasants, Efficient Institutions, and a Theory of Rural Organization," in The Economic Theory of Agrarian Institutions, ed. Pranab Bardhan (Oxford, UK: Oxford University Press, 1989), 10-29; Philippe Aghion and Patrick Bolton, "An Incomplete Contracts Approach to Financial Contracting," Review of Economic Studies 59 (1992): 473-94; Philippe Aghion and Patrick Bolton, "A Theory of Trickle-down Growth and Development," working paper, 1994; A. Banerjee and Andrew Newman, "Poverty, Incentives, and Development," American Economic Association Papers and Proceedings (May 1994): 211-5; Andrew Newman, "The Capital Market Inequality and the Employment Relation," Columbia University, 1994; Karl Ove Moene, "Poverty and Land Ownership," American Economic Review 81, no. 1 (March 1992): 52-64; Alan Manning, "Imperfect Labour Markets, the Stock Market, and the Inefficiency of Capitalism," Oxford Economic Papers 44 (1992): 257-71; and Dilip Mookherjee, "Informational Rents and Property Rights in Land," in J. Roemer, ed., Property Rights, Incentives, and Welfare (London: Macmillan, forthcoming).
    • Property Rights, Incentives, and Welfare
    • Mookherjee, D.1
  • 29
    • 85033637483 scopus 로고    scopus 로고
    • note
    • The "residual claimant" owns whatever remains (the residual) after all fixed claims (in this case the rent paid to the owner) are settled.
  • 30
    • 0003302919 scopus 로고
    • Credit and agrarian class structure
    • ed. Pranab Bardhan Oxford, UK: Oxford University Press
    • For examples of wealth inequality inducing economic inefficiency, see Mukesh Eswaran and Ashok Kotwal, "Credit and Agrarian Class Structure," in The Economic Theory of Agrarian Institutions, ed. Pranab Bardhan (Oxford, UK: Oxford University Press, 1989); Joseph Stiglitz, "Why Financial Structure Matters," Journal of Economic Perspectives 2, no. 4 (Fall 1988): 121-6; and Samuel Bowles and Herbert Gintis, "The Revenge of Homo Economicus: Contested Exchange and the Revival of Political Economy," Journal of Economic Perspectives (Winter 1993).
    • (1989) The Economic Theory of Agrarian Institutions
    • Eswaran, M.1    Kotwal, A.2
  • 31
    • 0000845892 scopus 로고
    • Why financial structure matters
    • Fall
    • For examples of wealth inequality inducing economic inefficiency, see Mukesh Eswaran and Ashok Kotwal, "Credit and Agrarian Class Structure," in The Economic Theory of Agrarian Institutions, ed. Pranab Bardhan (Oxford, UK: Oxford University Press, 1989); Joseph Stiglitz, "Why Financial Structure Matters," Journal of Economic Perspectives 2, no. 4 (Fall 1988): 121-6; and Samuel Bowles and Herbert Gintis, "The Revenge of Homo Economicus: Contested Exchange and the Revival of Political Economy," Journal of Economic Perspectives (Winter 1993).
    • (1988) Journal of Economic Perspectives , vol.2 , Issue.4 , pp. 121-126
    • Stiglitz, J.1
  • 32
    • 0002165142 scopus 로고
    • The revenge of homo economicus: Contested exchange and the revival of political economy
    • Winter
    • For examples of wealth inequality inducing economic inefficiency, see Mukesh Eswaran and Ashok Kotwal, "Credit and Agrarian Class Structure," in The Economic Theory of Agrarian Institutions, ed. Pranab Bardhan (Oxford, UK: Oxford University Press, 1989); Joseph Stiglitz, "Why Financial Structure Matters," Journal of Economic Perspectives 2, no. 4 (Fall 1988): 121-6; and Samuel Bowles and Herbert Gintis, "The Revenge of Homo Economicus: Contested Exchange and the Revival of Political Economy," Journal of Economic Perspectives (Winter 1993).
    • (1993) Journal of Economic Perspectives
    • Bowles, S.1    Gintis, H.2
  • 33
    • 85033643556 scopus 로고    scopus 로고
    • note
    • We do not specify the metric in which these distributions are measured, for nothing in the following pages hinges on our use of any particular measure of wealth, income, or other attributes of concern to egalitarians.
  • 34
    • 0003743515 scopus 로고    scopus 로고
    • Bowles, Gordon, and Weisskopf, After the Waste Land, find a negative association between income inequality and both the long-term rate of growth of output per employed person and the investment share of output in ten advanced capitalist economies. Torsten Persson and Guido Tabellini, "Is Inequality Harmful for Growth? Theory and Evidence," American Economics Review 48 (1996): 600-21, also find that inequality and growth in gross domestic product are negatively correlated in a cross-section of sixty-seven nations as well as in long-time series for nine advanced capitalist nations. Similarly, Alberto Alesina and Dani Rodrik, "Distributive Politics and Economic Growth," Quarterly Journal of Economics 109 (1994): 465-90, find that a measure of asset (land) inequality is inversely associated with economic growth in a sample of thirty-nine countries. Andrew Glyn, "Stability, Egalitarianism and Dynamism: An Overview of the Advanced Capitalist Countries in the 1980's," in Macroeconomic Policy After the Conservative Era: Research on Investment Savings and Finance, ed. Gerald Epstein and Herbert Gintis (Cambridge, UK: Cambridge University Press, 1995), surveys the impact of the 1980s shift in economic policy in most of the advanced capitalist nations towards less egalitarian objectives. See also Roberto Chang, "Income Inequality and Economic Growth: Evidence and Recent Theories," Economic Review (July-August 1994): 1-10. Federal Reserve Bank of Atlanta.
    • After the Waste Land
    • Bowles1    Gordon2    Weisskopf3
  • 35
    • 0000643375 scopus 로고    scopus 로고
    • Is inequality harmful for growth? Theory and evidence
    • Bowles, Gordon, and Weisskopf, After the Waste Land, find a negative association between income inequality and both the long-term rate of growth of output per employed person and the investment share of output in ten advanced capitalist economies. Torsten Persson and Guido Tabellini, "Is Inequality Harmful for Growth? Theory and Evidence," American Economics Review 48 (1996): 600-21, also find that inequality and growth in gross domestic product are negatively correlated in a cross-section of sixty-seven nations as well as in long-time series for nine advanced capitalist nations. Similarly, Alberto Alesina and Dani Rodrik, "Distributive Politics and Economic Growth," Quarterly Journal of Economics 109 (1994): 465-90, find that a measure of asset (land) inequality is inversely associated with economic growth in a sample of thirty-nine countries. Andrew Glyn, "Stability, Egalitarianism and Dynamism: An Overview of the Advanced Capitalist Countries in the 1980's," in Macroeconomic Policy After the Conservative Era: Research on Investment Savings and Finance, ed. Gerald Epstein and Herbert Gintis (Cambridge, UK: Cambridge University Press, 1995), surveys the impact of the 1980s shift in economic policy in most of the advanced capitalist nations towards less egalitarian objectives. See also Roberto Chang, "Income Inequality and Economic Growth: Evidence and Recent Theories," Economic Review (July-August 1994): 1-10. Federal Reserve Bank of Atlanta.
    • (1996) American Economics Review , vol.48 , pp. 600-621
    • Persson, T.1    Tabellini, G.2
  • 36
    • 84942834707 scopus 로고
    • Distributive politics and economic growth
    • Bowles, Gordon, and Weisskopf, After the Waste Land, find a negative association between income inequality and both the long-term rate of growth of output per employed person and the investment share of output in ten advanced capitalist economies. Torsten Persson and Guido Tabellini, "Is Inequality Harmful for Growth? Theory and Evidence," American Economics Review 48 (1996): 600-21, also find that inequality and growth in gross domestic product are negatively correlated in a cross-section of sixty-seven nations as well as in long-time series for nine advanced capitalist nations. Similarly, Alberto Alesina and Dani Rodrik, "Distributive Politics and Economic Growth," Quarterly Journal of Economics 109 (1994): 465-90, find that a measure of asset (land) inequality is inversely associated with economic growth in a sample of thirty-nine countries. Andrew Glyn, "Stability, Egalitarianism and Dynamism: An Overview of the Advanced Capitalist Countries in the 1980's," in Macroeconomic Policy After the Conservative Era: Research on Investment Savings and Finance, ed. Gerald Epstein and Herbert Gintis (Cambridge, UK: Cambridge University Press, 1995), surveys the impact of the 1980s shift in economic policy in most of the advanced capitalist nations towards less egalitarian objectives. See also Roberto Chang, "Income Inequality and Economic Growth: Evidence and Recent Theories," Economic Review (July-August 1994): 1-10. Federal Reserve Bank of Atlanta.
    • (1994) Quarterly Journal of Economics , vol.109 , pp. 465-490
    • Alesina, A.1    Rodrik, D.2
  • 37
    • 0011533281 scopus 로고
    • Stability, egalitarianism and dynamism: An overview of the advanced capitalist countries in the 1980's
    • ed. Gerald Epstein and Herbert Gintis Cambridge, UK: Cambridge University Press
    • Bowles, Gordon, and Weisskopf, After the Waste Land, find a negative association between income inequality and both the long-term rate of growth of output per employed person and the investment share of output in ten advanced capitalist economies. Torsten Persson and Guido Tabellini, "Is Inequality Harmful for Growth? Theory and Evidence," American Economics Review 48 (1996): 600-21, also find that inequality and growth in gross domestic product are negatively correlated in a cross-section of sixty-seven nations as well as in long-time series for nine advanced capitalist nations. Similarly, Alberto Alesina and Dani Rodrik, "Distributive Politics and Economic Growth," Quarterly Journal of Economics 109 (1994): 465-90, find that a measure of asset (land) inequality is inversely associated with economic growth in a sample of thirty-nine countries. Andrew Glyn, "Stability, Egalitarianism and Dynamism: An Overview of the Advanced Capitalist Countries in the 1980's," in Macroeconomic Policy After the Conservative Era: Research on Investment Savings and Finance, ed. Gerald Epstein and Herbert Gintis (Cambridge, UK: Cambridge University Press, 1995), surveys the impact of the 1980s shift in economic policy in most of the advanced capitalist nations towards less egalitarian objectives. See also Roberto Chang, "Income Inequality and Economic Growth: Evidence and Recent Theories," Economic Review (July-August 1994): 1-10. Federal Reserve Bank of Atlanta.
    • (1995) Macroeconomic Policy After the Conservative Era: Research on Investment Savings and Finance
    • Glyn, A.1
  • 38
    • 0011598444 scopus 로고
    • Income inequality and economic growth: Evidence and recent theories
    • July-August
    • Bowles, Gordon, and Weisskopf, After the Waste Land, find a negative association between income inequality and both the long-term rate of growth of output per employed person and the investment share of output in ten advanced capitalist economies. Torsten Persson and Guido Tabellini, "Is Inequality Harmful for Growth? Theory and Evidence," American Economics Review 48 (1996): 600-21, also find that inequality and growth in gross domestic product are negatively correlated in a cross-section of sixty-seven nations as well as in long-time series for nine advanced capitalist nations. Similarly, Alberto Alesina and Dani Rodrik, "Distributive Politics and Economic Growth," Quarterly Journal of Economics 109 (1994): 465-90, find that a measure of asset (land) inequality is inversely associated with economic growth in a sample of thirty-nine countries. Andrew Glyn, "Stability, Egalitarianism and Dynamism: An Overview of the Advanced Capitalist Countries in the 1980's," in Macroeconomic Policy After the Conservative Era: Research on Investment Savings and Finance, ed. Gerald Epstein and Herbert Gintis (Cambridge, UK: Cambridge University Press, 1995), surveys the impact of the 1980s shift in economic policy in most of the advanced capitalist nations towards less egalitarian objectives. See also Roberto Chang, "Income Inequality and Economic Growth: Evidence and Recent Theories," Economic Review (July-August 1994): 1-10. Federal Reserve Bank of Atlanta.
    • (1994) Economic Review , pp. 1-10
    • Chang, R.1
  • 39
    • 0002870907 scopus 로고
    • The rise and fall of the golden age
    • ed. Stephen Marglin and Juliet B. Schor Oxford, UK: Clarendon Press
    • These data are from Andrew Glyn, Alan Hughes, Alain Lipietz, and Ajit Singh, "The Rise and Fall of the Golden Age," in The Golden Age of Capitalism; Reinterpreting the Postwar Experience, ed. Stephen Marglin and Juliet B. Schor (Oxford, UK: Clarendon Press, 1990), 39-125, based on Angus Maddison, Phases of Capitalist Development (Oxford, UK: Oxford University Press, 1982).
    • (1990) The Golden Age of Capitalism; Reinterpreting the Postwar Experience , pp. 39-125
    • Glyn, A.1    Hughes, A.2    Lipietz, A.3    Singh, A.4
  • 40
    • 0004267749 scopus 로고
    • Oxford, UK: Oxford University Press
    • These data are from Andrew Glyn, Alan Hughes, Alain Lipietz, and Ajit Singh, "The Rise and Fall of the Golden Age," in The Golden Age of Capitalism; Reinterpreting the Postwar Experience, ed. Stephen Marglin and Juliet B. Schor (Oxford, UK: Clarendon Press, 1990), 39-125, based on Angus Maddison, Phases of Capitalist Development (Oxford, UK: Oxford University Press, 1982).
    • (1982) Phases of Capitalist Development
    • Maddison, A.1
  • 41
    • 0040443462 scopus 로고
    • Wages aggregate demand and employment in an open economy: A theoretical and empirical investigation
    • ed. Geralde Epstein and Herbert Gintis Cambridge, UK: Cambridge University Press
    • See Samuel Bowles and Robert Boyer, "Wages Aggregate Demand and Employment in an Open Economy: A Theoretical and Empirical Investigation," in Macroeconomic Policy After the Conservative Era: Research on Investment Savings and Finance, ed. Geralde Epstein and Herbert Gintis (Cambridge, UK: Cambridge University Press, 1995). A redistribution from profits to wages has predictably positive effects on the demand for consumer goods, but it is offset by the negative impact of wage increases on demand for investment goods and net exports.
    • (1995) Macroeconomic Policy After the Conservative Era: Research on Investment Savings and Finance
    • Bowles, S.1    Boyer, R.2
  • 42
    • 0007373012 scopus 로고
    • Growth, distribution and the rules of the game: Left structuralist macro foundations for a democratic economic policy
    • ed. Gerald Epstein and Herbert Gintis Cambridge, UK: Cambridge University Press
    • David Gordon, "Growth, Distribution and the Rules of the Game: Left Structuralist Macro Foundations for a Democratic Economic Policy," in Macroeconomic Policy after the Conservative Era: Research on Investment Savings and Finance, ed. Gerald Epstein and Herbert Gintis (Cambridge, UK: Cambridge University Press, 1995), studying the United States, comes to similar conclusions.
    • (1995) Macroeconomic Policy after the Conservative Era: Research on Investment Savings and Finance
    • Gordon, D.1
  • 44
    • 85033639702 scopus 로고    scopus 로고
    • note
    • The employer may also use the promise of promotion and other incentives, but adding these to our model would not change the argument.
  • 45
    • 84965575054 scopus 로고
    • The nature of the labor exchange and the theory of capitalist production
    • Summer
    • e ν = ù(w, e)-ρz/p(e, m) + ρ + z. The quantity (u(w,e) - ρz)/(p(e) + ρ) = ν - z is thus the rent the worker enjoys from the relationship, the threat of withdrawal of which induces a high level of effort. The firm then chooses the wage w and the level of monitoring m to maximize effort per dollar e/(w + m).
    • (1976) Review of Radical Political Economics , vol.8 , Issue.2 , pp. 36-54
    • Gintis, H.1
  • 46
    • 84965575054 scopus 로고
    • Unemployment as a worker discipline device
    • June
    • e ν = ù(w, e)-ρz/p(e, m) + ρ + z. The quantity (u(w,e) - ρz)/(p(e) + ρ) = ν - z is thus the rent the worker enjoys from the relationship, the threat of withdrawal of which induces a high level of effort. The firm then chooses the wage w and the level of monitoring m to maximize effort per dollar e/(w + m).
    • (1984) American Economic Review , vol.74 , Issue.3 , pp. 433-444
    • Shapiro, C.1    Stiglitz, J.2
  • 47
    • 84968384319 scopus 로고
    • The production process in a competitive economy: Walrasian, Neo-Hobbesian, and Marxian models
    • March
    • e ν = ù(w, e)-ρz/p(e, m) + ρ + z. The quantity (u(w,e) - ρz)/(p(e) + ρ) = ν - z is thus the rent the worker enjoys from the relationship, the threat of withdrawal of which induces a high level of effort. The firm then chooses the wage w and the level of monitoring m to maximize effort per dollar e/(w + m).
    • (1985) American Economic Review , vol.75 , Issue.1 , pp. 16-36
    • Bowles, S.1
  • 48
    • 0000358561 scopus 로고
    • Wages, work discipline, and unemployment
    • e ν = ù(w, e)-ρz/p(e, m) + ρ + z. The quantity (u(w,e) - ρz)/(p(e) + ρ) = ν - z is thus the rent the worker enjoys from the relationship, the threat of withdrawal of which induces a high level of effort. The firm then chooses the wage w and the level of monitoring m to maximize effort per dollar e/(w + m).
    • (1987) Journal of Japanese and International Economies , vol.1 , pp. 195-228
    • Gintis, H.1    Ishikawa, T.2
  • 49
    • 84965575054 scopus 로고
    • The democratic firm: An agency-theoretic evaluation
    • ed. Samuel Bowles, Herbert Gintis, and Bo Gustafsson Cambridge, UK: Cambridge University Press
    • e ν = ù(w, e)-ρz/p(e, m) + ρ + z. The quantity (u(w,e) - ρz)/(p(e) + ρ) = ν - z is thus the rent the worker enjoys from the relationship, the threat of withdrawal of which induces a high level of effort. The firm then chooses the wage w and the level of monitoring m to maximize effort per dollar e/(w + m).
    • (1993) Markets and Democracy: Participation Accountability and Efficiency
    • Bowles, S.1    Gintis, H.2
  • 51
    • 38249041406 scopus 로고
    • Control rights, competitive markets, and the labor management debate
    • 0. Each team member j then selects ej to maximize νj.
    • (1986) Journal of Comparative Economics , vol.10 , Issue.1 , pp. 48-61
    • Dow, G.1
  • 53
    • 0001196499 scopus 로고
    • The firm in Illyria: Market syndicalism
    • December
    • See Benjamin Ward, "The Firm in Illyria: Market Syndicalism," American Economic Review 48 (December 1958): 566-89; Jaroslav Vanek, The General Theory of the Labor-Managed Market (Ithica, NY: Cornell University Press, 1970); Evsey Domar, "The Soviet Collective Farm as a Producer Cooperative," American Economic Review 56 (September 1966): 743-57; James Meade, "The Adjustment Processes of Labour Cooperatives with Constant Returns to Scale and Perfect Competition," Economic Journal 82 (1972): 402-28; Eirik Furubotn and Svetozar Pejovich, The Economics of Property Rights (Cambridge, MA: Ballinger, 1974); and Michael Jensen and William H. Meckling, "Rights and Production Functions: An Application to Labor-Managed Firms and Codetermination," Journal of Business 52 (1979): 469-506. For an insightful review of this literature, see John Bonin and Louis Putterman, Economics of Cooperation and the Labor-Managed Economy (New York: Harwood, 1987).
    • (1958) American Economic Review , vol.48 , pp. 566-589
    • Ward, B.1
  • 54
    • 0003453892 scopus 로고
    • Ithica, NY: Cornell University Press
    • See Benjamin Ward, "The Firm in Illyria: Market Syndicalism," American Economic Review 48 (December 1958): 566-89; Jaroslav Vanek, The General Theory of the Labor-Managed Market (Ithica, NY: Cornell University Press, 1970); Evsey Domar, "The Soviet Collective Farm as a Producer Cooperative," American Economic Review 56 (September 1966): 743-57; James Meade, "The Adjustment Processes of Labour Cooperatives with Constant Returns to Scale and Perfect Competition," Economic Journal 82 (1972): 402-28; Eirik Furubotn and Svetozar Pejovich, The Economics of Property Rights (Cambridge, MA: Ballinger, 1974); and Michael Jensen and William H. Meckling, "Rights and Production Functions: An Application to Labor-Managed Firms and Codetermination," Journal of Business 52 (1979): 469-506. For an insightful review of this literature, see John Bonin and Louis Putterman, Economics of Cooperation and the Labor-Managed Economy (New York: Harwood, 1987).
    • (1970) The General Theory of the Labor-Managed Market
    • Vanek, J.1
  • 55
    • 0001469581 scopus 로고
    • The Soviet Collective Farm as a producer cooperative
    • September
    • See Benjamin Ward, "The Firm in Illyria: Market Syndicalism," American Economic Review 48 (December 1958): 566-89; Jaroslav Vanek, The General Theory of the Labor-Managed Market (Ithica, NY: Cornell University Press, 1970); Evsey Domar, "The Soviet Collective Farm as a Producer Cooperative," American Economic Review 56 (September 1966): 743-57; James Meade, "The Adjustment Processes of Labour Cooperatives with Constant Returns to Scale and Perfect Competition," Economic Journal 82 (1972): 402-28; Eirik Furubotn and Svetozar Pejovich, The Economics of Property Rights (Cambridge, MA: Ballinger, 1974); and Michael Jensen and William H. Meckling, "Rights and Production Functions: An Application to Labor-Managed Firms and Codetermination," Journal of Business 52 (1979): 469-506. For an insightful review of this literature, see John Bonin and Louis Putterman, Economics of Cooperation and the Labor-Managed Economy (New York: Harwood, 1987).
    • (1966) American Economic Review , vol.56 , pp. 743-757
    • Domar, E.1
  • 56
    • 0000710212 scopus 로고
    • The adjustment processes of labour cooperatives with constant returns to scale and perfect competition
    • See Benjamin Ward, "The Firm in Illyria: Market Syndicalism," American Economic Review 48 (December 1958): 566-89; Jaroslav Vanek, The General Theory of the Labor-Managed Market (Ithica, NY: Cornell University Press, 1970); Evsey Domar, "The Soviet Collective Farm as a Producer Cooperative," American Economic Review 56 (September 1966): 743-57; James Meade, "The Adjustment Processes of Labour Cooperatives with Constant Returns to Scale and Perfect Competition," Economic Journal 82 (1972): 402-28; Eirik Furubotn and Svetozar Pejovich, The Economics of Property Rights (Cambridge, MA: Ballinger, 1974); and Michael Jensen and William H. Meckling, "Rights and Production Functions: An Application to Labor-Managed Firms and Codetermination," Journal of Business 52 (1979): 469-506. For an insightful review of this literature, see John Bonin and Louis Putterman, Economics of Cooperation and the Labor-Managed Economy (New York: Harwood, 1987).
    • (1972) Economic Journal , vol.82 , pp. 402-428
    • Meade, J.1
  • 57
    • 0004285106 scopus 로고
    • Cambridge, MA: Ballinger
    • See Benjamin Ward, "The Firm in Illyria: Market Syndicalism," American Economic Review 48 (December 1958): 566-89; Jaroslav Vanek, The General Theory of the Labor-Managed Market (Ithica, NY: Cornell University Press, 1970); Evsey Domar, "The Soviet Collective Farm as a Producer Cooperative," American Economic Review 56 (September 1966): 743-57; James Meade, "The Adjustment Processes of Labour Cooperatives with Constant Returns to Scale and Perfect Competition," Economic Journal 82 (1972): 402-28; Eirik Furubotn and Svetozar Pejovich, The Economics of Property Rights (Cambridge, MA: Ballinger, 1974); and Michael Jensen and William H. Meckling, "Rights and Production Functions: An Application to Labor-Managed Firms and Codetermination," Journal of Business 52 (1979): 469-506. For an insightful review of this literature, see John Bonin and Louis Putterman, Economics of Cooperation and the Labor-Managed Economy (New York: Harwood, 1987).
    • (1974) The Economics of Property Rights
    • Furubotn, E.1    Pejovich, S.2
  • 58
    • 0000577518 scopus 로고
    • Rights and production functions: An application to labor-managed firms and codetermination
    • See Benjamin Ward, "The Firm in Illyria: Market Syndicalism," American Economic Review 48 (December 1958): 566-89; Jaroslav Vanek, The General Theory of the Labor-Managed Market (Ithica, NY: Cornell University Press, 1970); Evsey Domar, "The Soviet Collective Farm as a Producer Cooperative," American Economic Review 56 (September 1966): 743-57; James Meade, "The Adjustment Processes of Labour Cooperatives with Constant Returns to Scale and Perfect Competition," Economic Journal 82 (1972): 402-28; Eirik Furubotn and Svetozar Pejovich, The Economics of Property Rights (Cambridge, MA: Ballinger, 1974); and Michael Jensen and William H. Meckling, "Rights and Production Functions: An Application to Labor-Managed Firms and Codetermination," Journal of Business 52 (1979): 469-506. For an insightful review of this literature, see John Bonin and Louis Putterman, Economics of Cooperation and the Labor-Managed Economy (New York: Harwood, 1987).
    • (1979) Journal of Business , vol.52 , pp. 469-506
    • Jensen, M.1    Meckling, W.H.2
  • 59
    • 0004061887 scopus 로고
    • New York: Harwood
    • See Benjamin Ward, "The Firm in Illyria: Market Syndicalism," American Economic Review 48 (December 1958): 566-89; Jaroslav Vanek, The General Theory of the Labor-Managed Market (Ithica, NY: Cornell University Press, 1970); Evsey Domar, "The Soviet Collective Farm as a Producer Cooperative," American Economic Review 56 (September 1966): 743-57; James Meade, "The Adjustment Processes of Labour Cooperatives with Constant Returns to Scale and Perfect Competition," Economic Journal 82 (1972): 402-28; Eirik Furubotn and Svetozar Pejovich, The Economics of Property Rights (Cambridge, MA: Ballinger, 1974); and Michael Jensen and William H. Meckling, "Rights and Production Functions: An Application to Labor-Managed Firms and Codetermination," Journal of Business 52 (1979): 469-506. For an insightful review of this literature, see John Bonin and Louis Putterman, Economics of Cooperation and the Labor-Managed Economy (New York: Harwood, 1987).
    • (1987) Economics of Cooperation and the Labor-Managed Economy
    • Bonin, J.1    Putterman, L.2
  • 60
    • 0002677596 scopus 로고
    • Irrigation institutions and the games irrigators play: Rule enforcement without guards
    • ed. Reinhard Selten Berlin: Springer-Verlag
    • Mutual monitoring is not costless, of course, as it requires a coordinator and may be time consuming in cases where verification of insufficient work by a team member is contested. Where work is highly dispersed, as is sometimes the case in agricultural production, mutual monitoring may be ineffective as workers will lack good information on the work activities of their teammates. For a model of mutual monitoring, see Franz Weissing and Elinor Ostrom, "Irrigation Institutions and the Games Irrigators Play: Rule Enforcement without Guards," in Game Equilibrium Models II: Methods Morals and Markets ed. Reinhard Selten (Berlin: Springer-Verlag, 1991), 188-262.
    • (1991) Game Equilibrium Models II: Methods Morals and Markets , pp. 188-262
    • Weissing, F.1    Ostrom, E.2
  • 61
    • 0002628154 scopus 로고
    • Participation productivity and the firm's environment
    • ed. Alan Blinder Washington, DC: Brookings Institution
    • David Levine and Laura d'Andrea Tyson, "Participation Productivity and the Firm's Environment," in Paying for Productivity: A Look at the Evidence, ed. Alan Blinder (Washington, DC: Brookings Institution, 1990), 183-244, for instance, surveyed fourteen studies of worker cooperatives and found positive effects on productivity in thirteen of them, with no negative effects in any. Craig and Pencavel, in "Participation and Productivity," a recent study of worker-owned plywood firms, find that total factory productivity is higher in the co-ops than in classical firms. Martin Weitzman and Douglas Kruse, "Profit Sharing and Productivity," in Paying for Productivity: A Look at the Evidence, ed. Alan Blinder (Washington, DC: Brookings Institution, 1990), 95-142, surveyed sixteen econometric studies of the effects of profit sharing on productivity and found that of the total of 226 estimated regression coefficients for variables measuring profit sharing, 94 percent were positive and 60 percent were twice or more than their standard errors, while no negative coefficient estimates were statistically significant by this standard. For related studies supporting this research, see John Cable and Felix FitzRoy, "Co-operation and Productivity: Some Evidence from West German Experience," Economic Analysis and Worker's Management 14 (1980): 163-80, Avner Ben-Ner, "Comparative Empirical Observations on Worker-Owned and Capitalist Firms," International Journal of Industrial Organization 6 (1988): 7-31, and Michael Conte and Jan Svejnar, "The Performance Effects of Employee Ownership Plans," in Paying for Productivity: A Look at the Evidence, ed. Alan Blinder (Washington, DC: Brookings Institution, 1990), 143-72. Worker participation in decision making and residual claimancy status appear to be complementary in that their joint effects exceed the additive effects of each factor separately.
    • (1990) Paying for Productivity: A Look at the Evidence , pp. 183-244
    • Levine, D.1    Tyson, L.D'A.2
  • 62
    • 85033649282 scopus 로고    scopus 로고
    • David Levine and Laura d'Andrea Tyson, "Participation Productivity and the Firm's Environment," in Paying for Productivity: A Look at the Evidence, ed. Alan Blinder (Washington, DC: Brookings Institution, 1990), 183-244, for instance, surveyed fourteen studies of worker cooperatives and found positive effects on productivity in thirteen of them, with no negative effects in any. Craig and Pencavel, in "Participation and Productivity," a recent study of worker-owned plywood firms, find that total factory productivity is higher in the co-ops than in classical firms. Martin Weitzman and Douglas Kruse, "Profit Sharing and Productivity," in Paying for Productivity: A Look at the Evidence, ed. Alan Blinder (Washington, DC: Brookings Institution, 1990), 95-142, surveyed sixteen econometric studies of the effects of profit sharing on productivity and found that of the total of 226 estimated regression coefficients for variables measuring profit sharing, 94 percent were positive and 60 percent were twice or more than their standard errors, while no negative coefficient estimates were statistically significant by this standard. For related studies supporting this research, see John Cable and Felix FitzRoy, "Co-operation and Productivity: Some Evidence from West German Experience," Economic Analysis and Worker's Management 14 (1980): 163-80, Avner Ben-Ner, "Comparative Empirical Observations on Worker-Owned and Capitalist Firms," International Journal of Industrial Organization 6 (1988): 7-31, and Michael Conte and Jan Svejnar, "The Performance Effects of Employee Ownership Plans," in Paying for Productivity: A Look at the Evidence, ed. Alan Blinder (Washington, DC: Brookings Institution, 1990), 143-72. Worker participation in decision making and residual claimancy status appear to be complementary in that their joint effects exceed the additive effects of each factor separately.
    • Participation and Productivity
    • Craig1    Pencavel2
  • 63
    • 0002577580 scopus 로고
    • Profit sharing and productivity
    • ed. Alan Blinder Washington, DC: Brookings Institution
    • David Levine and Laura d'Andrea Tyson, "Participation Productivity and the Firm's Environment," in Paying for Productivity: A Look at the Evidence, ed. Alan Blinder (Washington, DC: Brookings Institution, 1990), 183-244, for instance, surveyed fourteen studies of worker cooperatives and found positive effects on productivity in thirteen of them, with no negative effects in any. Craig and Pencavel, in "Participation and Productivity," a recent study of worker-owned plywood firms, find that total factory productivity is higher in the co-ops than in classical firms. Martin Weitzman and Douglas Kruse, "Profit Sharing and Productivity," in Paying for Productivity: A Look at the Evidence, ed. Alan Blinder (Washington, DC: Brookings Institution, 1990), 95-142, surveyed sixteen econometric studies of the effects of profit sharing on productivity and found that of the total of 226 estimated regression coefficients for variables measuring profit sharing, 94 percent were positive and 60 percent were twice or more than their standard errors, while no negative coefficient estimates were statistically significant by this standard. For related studies supporting this research, see John Cable and Felix FitzRoy, "Co-operation and Productivity: Some Evidence from West German Experience," Economic Analysis and Worker's Management 14 (1980): 163-80, Avner Ben-Ner, "Comparative Empirical Observations on Worker-Owned and Capitalist Firms," International Journal of Industrial Organization 6 (1988): 7-31, and Michael Conte and Jan Svejnar, "The Performance Effects of Employee Ownership Plans," in Paying for Productivity: A Look at the Evidence, ed. Alan Blinder (Washington, DC: Brookings Institution, 1990), 143-72. Worker participation in decision making and residual claimancy status appear to be complementary in that their joint effects exceed the additive effects of each factor separately.
    • (1990) Paying for Productivity: A Look at the Evidence , pp. 95-142
    • Weitzman, M.1    Kruse, D.2
  • 64
    • 0001103212 scopus 로고
    • Co-operation and productivity: Some evidence from West German experience
    • David Levine and Laura d'Andrea Tyson, "Participation Productivity and the Firm's Environment," in Paying for Productivity: A Look at the Evidence, ed. Alan Blinder (Washington, DC: Brookings Institution, 1990), 183-244, for instance, surveyed fourteen studies of worker cooperatives and found positive effects on productivity in thirteen of them, with no negative effects in any. Craig and Pencavel, in "Participation and Productivity," a recent study of worker-owned plywood firms, find that total factory productivity is higher in the co-ops than in classical firms. Martin Weitzman and Douglas Kruse, "Profit Sharing and Productivity," in Paying for Productivity: A Look at the Evidence, ed. Alan Blinder (Washington, DC: Brookings Institution, 1990), 95-142, surveyed sixteen econometric studies of the effects of profit sharing on productivity and found that of the total of 226 estimated regression coefficients for variables measuring profit sharing, 94 percent were positive and 60 percent were twice or more than their standard errors, while no negative coefficient estimates were statistically significant by this standard. For related studies supporting this research, see John Cable and Felix FitzRoy, "Co-operation and Productivity: Some Evidence from West German Experience," Economic Analysis and Worker's Management 14 (1980): 163-80, Avner Ben-Ner, "Comparative Empirical Observations on Worker-Owned and Capitalist Firms," International Journal of Industrial Organization 6 (1988): 7-31, and Michael Conte and Jan Svejnar, "The Performance Effects of Employee Ownership Plans," in Paying for Productivity: A Look at the Evidence, ed. Alan Blinder (Washington, DC: Brookings Institution, 1990), 143-72. Worker participation in decision making and residual claimancy status appear to be complementary in that their joint effects exceed the additive effects of each factor separately.
    • (1980) Economic Analysis and Worker's Management , vol.14 , pp. 163-180
    • Cable, J.1    FitzRoy, F.2
  • 65
    • 38249031336 scopus 로고
    • Comparative empirical observations on worker-owned and capitalist firms
    • David Levine and Laura d'Andrea Tyson, "Participation Productivity and the Firm's Environment," in Paying for Productivity: A Look at the Evidence, ed. Alan Blinder (Washington, DC: Brookings Institution, 1990), 183-244, for instance, surveyed fourteen studies of worker cooperatives and found positive effects on productivity in thirteen of them, with no negative effects in any. Craig and Pencavel, in "Participation and Productivity," a recent study of worker-owned plywood firms, find that total factory productivity is higher in the co-ops than in classical firms. Martin Weitzman and Douglas Kruse, "Profit Sharing and Productivity," in Paying for Productivity: A Look at the Evidence, ed. Alan Blinder (Washington, DC: Brookings Institution, 1990), 95-142, surveyed sixteen econometric studies of the effects of profit sharing on productivity and found that of the total of 226 estimated regression coefficients for variables measuring profit sharing, 94 percent were positive and 60 percent were twice or more than their standard errors, while no negative coefficient estimates were statistically significant by this standard. For related studies supporting this research, see John Cable and Felix FitzRoy, "Co-operation and Productivity: Some Evidence from West German Experience," Economic Analysis and Worker's Management 14 (1980): 163-80, Avner Ben-Ner, "Comparative Empirical Observations on Worker-Owned and Capitalist Firms," International Journal of Industrial Organization 6 (1988): 7-31, and Michael Conte and Jan Svejnar, "The Performance Effects of Employee Ownership Plans," in Paying for Productivity: A Look at the Evidence, ed. Alan Blinder (Washington, DC: Brookings Institution, 1990), 143-72. Worker participation in decision making and residual claimancy status appear to be complementary in that their joint effects exceed the additive effects of each factor separately.
    • (1988) International Journal of Industrial Organization , vol.6 , pp. 7-31
    • Ben-Ner, A.1
  • 66
    • 0002395929 scopus 로고
    • The performance effects of employee ownership plans
    • ed. Alan Blinder Washington, DC: Brookings Institution
    • David Levine and Laura d'Andrea Tyson, "Participation Productivity and the Firm's Environment," in Paying for Productivity: A Look at the Evidence, ed. Alan Blinder (Washington, DC: Brookings Institution, 1990), 183-244, for instance, surveyed fourteen studies of worker cooperatives and found positive effects on productivity in thirteen of them, with no negative effects in any. Craig and Pencavel, in "Participation and Productivity," a recent study of worker-owned plywood firms, find that total factory productivity is higher in the co-ops than in classical firms. Martin Weitzman and Douglas Kruse, "Profit Sharing and Productivity," in Paying for Productivity: A Look at the Evidence, ed. Alan Blinder (Washington, DC: Brookings Institution, 1990), 95-142, surveyed sixteen econometric studies of the effects of profit sharing on productivity and found that of the total of 226 estimated regression coefficients for variables measuring profit sharing, 94 percent were positive and 60 percent were twice or more than their standard errors, while no negative coefficient estimates were statistically significant by this standard. For related studies supporting this research, see John Cable and Felix FitzRoy, "Co-operation and Productivity: Some Evidence from West German Experience," Economic Analysis and Worker's Management 14 (1980): 163-80, Avner Ben-Ner, "Comparative Empirical Observations on Worker-Owned and Capitalist Firms," International Journal of Industrial Organization 6 (1988): 7-31, and Michael Conte and Jan Svejnar, "The Performance Effects of Employee Ownership Plans," in Paying for Productivity: A Look at the Evidence, ed. Alan Blinder (Washington, DC: Brookings Institution, 1990), 143-72. Worker participation in decision making and residual claimancy status appear to be complementary in that their joint effects exceed the additive effects of each factor separately.
    • (1990) Paying for Productivity: A Look at the Evidence , pp. 143-172
    • Conte, M.1    Svejnar, J.2
  • 67
    • 85033649729 scopus 로고    scopus 로고
    • note
    • Indeed, the per worker capital stock required to operate most firms is considerably in excess of the total assets of most working families. In the United States, for example, the value of the capital goods used in production per worker employed averages just under $100,000, while the average net assets of the least wealthy 80 percent of families including car and home ownership is $64,000. So most working families, even if they sold their house and car could not finance the capital goods to employ even a single family member.
  • 68
    • 85033657997 scopus 로고    scopus 로고
    • note
    • A general subsidy of home ownership, by contrast, serves no productivity-enhancing purpose, as most home owners have sufficient wealth to avoid the market failures associated with tenancy.
  • 69
    • 85033655806 scopus 로고    scopus 로고
    • note
    • By contrast, the leadership has every reason to pay careful attention to the directives of the local board, for this is the source of the school funding, including the leadership's salary, tenure, and perks.
  • 70
    • 84937282494 scopus 로고
    • The political economy of school choice
    • Spring
    • For an expanded analysis of school choice as part of an educational governance structure, see Herbert Gintis, "The Political Economy of School Choice," Teachers College Record 96, no. 3 (Spring 1995), and Christopher Jencks, Rethinking Social Policy: Race, Poverty and the Underclass (Cambridge, MA: Harvard University Press, 1992).
    • (1995) Teachers College Record , vol.96 , Issue.3
    • Gintis, H.1
  • 71
    • 84936147053 scopus 로고
    • Cambridge, MA: Harvard University Press
    • For an expanded analysis of school choice as part of an educational governance structure, see Herbert Gintis, "The Political Economy of School Choice," Teachers College Record 96, no. 3 (Spring 1995), and Christopher Jencks, Rethinking Social Policy: Race, Poverty and the Underclass (Cambridge, MA: Harvard University Press, 1992).
    • (1992) Rethinking Social Policy: Race, Poverty and the Underclass
    • Jencks, C.1
  • 72
    • 85033646676 scopus 로고    scopus 로고
    • note
    • If it were deemed desirable to have schools remain part of the state sector on grounds of greater democratic control of educational content and the social relations of schools, the use of vouchers could be restricted to public schools. The important point is that free entry and the competitive delivery of educational services be part of the educational governance structure.
  • 73
    • 85033650933 scopus 로고    scopus 로고
    • note
    • In a society composed of an equal number of adult men and women and children in which women receive incomes two thirds that of men and couples pool and share income, there is no income inequality if all are in couples (one child per couple). Yet the Gini coefficient of income inequality would be a substantial 0.27 if all the couples separated and women were responsible for the support of the children, assuming no other changes in the data. This is a greater amount of inequality than is generated by unequal ownership of capital, assuming that the richest 5 percent of income earners own all the capital.
  • 74
    • 85033644516 scopus 로고    scopus 로고
    • note
    • The standard child support levels (similar to standard charges for medical procedures in many insurance systems) could be the "default amounts" to be paid. These default amounts could be altered by the courts, or under some conditions, by mutual agreement of the parents.
  • 75
    • 85033649248 scopus 로고    scopus 로고
    • note
    • We do not consider reassigning enforceable property rights concerning children to children a retreat from a general social responsibility for the care of children. Rather, it is a social strengthening of the family as a support system for financing and caring for children. Where parents cannot provide adequate financing, or where provisioning children's education, health care, recreation, and other needs are most effectively provided by the public sector, public provisioning remains appropriate.
  • 76
  • 77
    • 85033655873 scopus 로고    scopus 로고
    • note
    • See Appendix C, available from the authors, for a complete description of the underlying model, as well as proofs of the assertions we make here.
  • 78
    • 0003970758 scopus 로고
    • London: Routledge
    • See Nancy Folbre, Who Pays for the Kids? Gender and the Structures of Constraint (London: Routledge, 1994). Of course "caring labor," like worker effort, managerial effort, borrower prudence, and other actions that are difficult to monitor and hence cannot be effectively specified by contract, should be rewarded in a manner most likely to induce recipients to develop "caring skills" and to elicit a high level of recipient effort. This could entail performance-contingent subsidies rather than flat grants.
    • (1994) Who Pays for the Kids? Gender and the Structures of Constraint
    • Folbre, N.1
  • 79
    • 0011591844 scopus 로고
    • A capitalist road to communism
    • This ideal is inspired by the basic income grant proposal of Philippe Van Parijs and Robert Van Der Veen, "A Capitalist Road to Communism," Theory and Society 15 (1986): 635-55, though the conditionality of the grant derives from the related proposal of Anthony Atkinson, Public Economics in Action: The Basic Income/Flat Tax Proposal (Oxford, UK: Oxford University Press, 1995). The grants would be financed by the state but distributed by nonprofit organizations, thereby strengthening the role of the community in economic governance. Only those constitutionally incapable of providing useful social functions would be exempt from this requirement, and the determination of what sorts of activities are socially useful would be determined by the nonprofit organizations themselves.
    • (1986) Theory and Society , vol.15 , pp. 635-655
    • Van Parijs, P.1    Van Der Veen, R.2
  • 80
    • 0011591844 scopus 로고
    • Oxford, UK: Oxford University Press
    • This ideal is inspired by the basic income grant proposal of Philippe Van Parijs and Robert Van Der Veen, "A Capitalist Road to Communism," Theory and Society 15 (1986): 635-55, though the conditionality of the grant derives from the related proposal of Anthony Atkinson, Public Economics in Action: The Basic Income/Flat Tax Proposal (Oxford, UK: Oxford University Press, 1995). The grants would be financed by the state but distributed by nonprofit organizations, thereby strengthening the role of the community in economic governance. Only those constitutionally incapable of providing useful social functions would be exempt from this requirement, and the determination of what sorts of activities are socially useful would be determined by the nonprofit organizations themselves.
    • (1995) Public Economics in Action: The Basic Income/Flat Tax Proposal
    • Atkinson, A.1
  • 81
    • 84977196237 scopus 로고
    • The irony of modern democracy and efforts to improve its practice
    • December
    • Philippe Schmitter, "The Irony of Modern Democracy and Efforts to Improve Its Practice," Politics and Society 20, no. 4 (December 1992): 507-12, has developed a related proposal designed to support secondary institutions promoting civic engagement.
    • (1992) Politics and Society , vol.20 , Issue.4 , pp. 507-512
    • Schmitter, P.1
  • 82
    • 0011533282 scopus 로고
    • working paper, University of Massachusetts
    • For a critical evaluation of the effects of markets as cultural environments, see Samuel Bowles, "Mandeville's Mistake: Markets and the Evolution of Cooperation," working paper, University of Massachusetts, 1989, and Samuel Bowles, "Markets as Cultural Institutions: Equilibrium Norms in Competitive Economies," University of Massachusetts, 1996.
    • (1989) Mandeville's Mistake: Markets and the Evolution of Cooperation
    • Bowles, S.1
  • 83
    • 0011532208 scopus 로고    scopus 로고
    • University of Massachusetts
    • For a critical evaluation of the effects of markets as cultural environments, see Samuel Bowles, "Mandeville's Mistake: Markets and the Evolution of Cooperation," working paper, University of Massachusetts, 1989, and Samuel Bowles, "Markets as Cultural Institutions: Equilibrium Norms in Competitive Economies," University of Massachusetts, 1996.
    • (1996) Markets as Cultural Institutions: Equilibrium Norms in Competitive Economies
    • Bowles, S.1
  • 84
    • 0003443840 scopus 로고    scopus 로고
    • Robert Putnam, Making Democracy Work, 174. Similarly, Kohn's comparative study of work organization (Melvin Kohn et al., "Position in the Class Structure and Psychological Functioning in the U.S., Japan, and Poland," American Journal of Sociology 95, no. 4 [January 1990]: 964-1008) supports a causal link between bureaucratic structures and the evolution of authoritarian personality traits. These studies are hardly decisive, but they serve as a reminder that the cultural consequences of the alternatives to the competition may be far from attractive.
    • Making Democracy Work , pp. 174
    • Putnam, R.1
  • 85
    • 84936824137 scopus 로고
    • Position in the class structure and psychological functioning in the U.S., Japan, and Poland
    • January
    • Robert Putnam, Making Democracy Work, 174. Similarly, Kohn's comparative study of work organization (Melvin Kohn et al., "Position in the Class Structure and Psychological Functioning in the U.S., Japan, and Poland," American Journal of Sociology 95, no. 4 [January 1990]: 964-1008) supports a causal link between bureaucratic structures and the evolution of authoritarian personality traits. These studies are hardly decisive, but they serve as a reminder that the cultural consequences of the alternatives to the competition may be far from attractive.
    • (1990) American Journal of Sociology , vol.95 , Issue.4 , pp. 964-1008
    • Kohn, M.1
  • 86
    • 0004264504 scopus 로고
    • Berkeley: University of California Press
    • Trade liberalization might enhance the viability of egalitarian coalitions in other respects. Gerschenkron and Alexander, Bread and Democracy in Germany (Berkeley: University of California Press, 1944), argue that conflicts over tariff policies obstructed a potentially egalitarian farmer-worker alliance in pre-World War I Germany, for example. A general argument might be made that tariff and other policies that politicize the relative prices of commodities tend to favor within-industry alliances seeking to gain income by altering relative goods prices rather than cross-industry coalitions seeking to alter income distribution directly. The latter type of coalition may be more viable as a vehicle for egalitarian policy.
    • (1944) Bread and Democracy in Germany
    • Gerschenkron1    Alexander2


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