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The Political Economy of Participatory Economics
Michael Albert, Robin Hahnel
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Sozialwissenschaften, Recht, Wirtschaft / Politikwissenschaft
Beschreibung
With the near bankruptcy of centrally planned economies now apparent and with capitalism seemingly incapable of generating egalitarian outcomes in the first world and economic development in the third world, alternative approaches to managing economic affairs are an urgent necessity. Until now, however, descriptions of alternatives have been unconvincing. Here Michael Albert and Robin Hahnel support the libertarian socialist tradition by presenting a rigorous, well-defined model of how producers and consumers could democratically plan their interconnected activities.
After explaining why hierarchical production, inegalitarian consumption, central planning, and market allocations are incompatible with "classlessness," the authors present an alternative model of democratic workers' and consumers' councils operating in a decentralized, social planning procedure. They show how egalitarian consumption and job complexes in which all engage in conceptual as well as executionary labor can be efficient. They demonstrate the ability of their planning procedure to yield equitable and efficient outcomes even in the context of externalities and public goods and its power to stimulate rather than subvert participatory impulses. Also included is a discussion of information management and how simulation experiments can substantiate the feasibility of their model.
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Shadow price, Public finance, Income distribution, Workplace, Demand, Welfare state, Economic equilibrium, Opportunity cost, Output (economics), Theory of the firm, Labor theory of value, Institutional economics, Economic efficiency, Economic security, Capitalism, Economics, Consumption (economics), Endogeneity (econometrics), Market (economics), Socialist calculation debate, Tax, Consumer choice, Participatory planning, Incentive, Income, Economic planning, Externality, Participatory economics, Economy, Social cost, Value (economics), Decentralized planning (economics), Preference (economics), Profit maximization, Rational choice theory, General equilibrium theory, Microeconomics, Price signal, Supply (economics), Consumer behaviour, Market mechanism, Economist, Competition (economics), Political economy, Facilitation board (economics), Social welfare function, Economic democracy, Mathematical economics, Welfare economics, Journal of Economic Theory, Cost–benefit analysis, Consumer, Decision-making, Pareto efficiency, Supply and demand, Employment, Efficiency, Market economy, Participatory politics, Economic problem, Economic Life, Behavioral economics, Commodity fetishism, Ownership (psychology), Aggregate demand, Economic surplus, Iteration, Market price, Marxian economics, Planning