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Employers' Economics versus Employees' Economy How Adam Smith's Legacy Obscures Public Investment in the Private Sector

:	John F. M. McDermott
:	Employers' Economics versus Employees' Economy How Adam Smith's Legacy Obscures Public Investment in the Private Sector
:	Palgrave Macmillan
:	9783319501499
:	1
:	CHF 95.00
:

:	Volkswirtschaft
:	English

:	194
:	Wasserzeichen/DRM
:	PC/MAC/eReader/Tablet
:	PDF

This book argues that economic activity in the public sphere now underwrites private corporations, and rejects rigid adherence to traditional economic theories that no longer apply. Adam Smith's widely used 'merchant's model' assumes that most investment is private, when in fact research demonstrates that public investment in the workforce through education and training far outweighs the private sector, and does not account for the growing presence of consensual pricing, the diversification of modern businesses, or the increasing internal authoritarianism of globalizing companies. With de facto public support for these adaptations undermining the universally presumed economic model, private corporations are able to increase their profits while misrepresenting the investment of their own global labor forces. This book suggests an 'economy of laws' solution that balances the needed degree of central investment planning with the continuation of our pluralist economy of largely autonomous firms, principally by extending the full rights of citizens into the workplace itself.

John F. M. McDermott is Professor Emeritus of the State University of New York. He is the author of four previous books, two of them on economics:Corporate Society (1991) and Economics in Real Time (2004).

	Acknowledgments	5
	Contents	6
	Introduction: The Argument	7
	Chapter 1: We Invest More than They	10
	Some Background	11
	Public Investment	12
	Producing a Labor Force	12
	“To Create a Modern Labor Force!”	14
	Analyzing the Investment Numbers	15
	Ideology Trumps Facts: An Informative Detour	16
	Creating Infrastructure	19
	Public Co-investment	20
	Agriculture	21
	There Is More Besides	22
	“The Money Pasture”	23
	Taxes: Who Pays?	28
	Pipers and Tunes	29
	Looking Ahead and Finishing the Job	32
	References	35
	Chapter 2: The Paradoxes of Market Economics	37
	That Inner Logic	38
	Three Degrees of Competition	39
	Firm-to-Firm Transactions	41
	Consensual, Not Competitive	42
	That Consensual Economy	44
	Firm-to-Consumer: Competition?	45
	The “Competitive” Fiction	47
	The Atomic Transaction	50
	Time Out	52
	Futures Market	53
	Ceteris Paribus	55
	Time Out and Time In: An Exercise in Theory	56
	Reconstructing	60
	References	63
	Chapter 3: Economics and Mis-Mathematics	64
	Introduction	64
	The Mis-Mathematics of Economics: First Approach	67
	Two Infinites	68
	A Helpful Detour	71
	The Decisive Turn	73
	Two Kinds of “Individualism”	75
	The Argument	76
	Adam Smith Revisited and Extended	77
	A Mathematical Pause: The Power Set	78
	Introducing Mis-Mathematics	79
	Methodological Irony	82
	Transparency	85
	Countable and Real Number “Lines”	85
	Economic Laws	86
	Abstractions and Ideotypes	88
	Rounding Off the Discussion	91
	References	94
	Chapter 4: Cornucopia, Inc.	96
	The Process of Capitalist Production	98
	Managing Managers Capitalistically	102
	Managing Workers: Taylor, Taylorism, and Schmidt	105
	Assembling the Model	112
	Capping Some Social History	114
	The Merchant’s Model Revisited	115
	Nothing Stands Still	116
	References	119
	Chapter 5: From “Employees” to “Servants”	121
	History as Opportunity and Burden	122
	The Great Evasion	124
	Private Property and the Workplace	127
	Can We Afford the Private Property Workplace	131
	Property and Efficiency	134
	The Growing Mastery of the Master	136
	The Workplace and the Constitution	142
	A Civic Solution	143
	References	147
	Chapter 6: Economic Science and Social Reform	150
	The Science	150
	What Can Empirical Economics Offer?	155
	The Workplace	155
	The Firm	159
	Ethos and Charter	163
	CEOs and Their Boards	167
	The Terrain of Reform	169
	References	175
	References	177
	Index	184