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By John Cable (eds.)

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This tells us that any differences in investment behaviour between the two types of organisation must stem from capital market imperfections, either in the market itself or arising from the firm's ownership. The argument that labour-managed firms will invest less than capitalist ones is deduced on the assumptions that capital is financed solely through internal investment and that worker members do not have any personal equity stake in the organisation. The 'property rights' school, most notably Furubotn and Pejovich (1970) regard the attenuation of individual ownership rights as the source of underinvestment.

When labour management is introduced into a loss-making firm, by converse reasoning, employment will be increased. z (2) The firm responds 'perversely' to a change in price in the short run. 7). 7)). But this implies that earnings Alternative Forms of Productive Enterprise 36 must increase by more than the marginal revenue product because with diminishing returns to a factor XIL exceeds axiaL. Hence at the initial equilibrium we must be to the right of the maximum of the new earnings curve y 2 • Therefore the firm will reduce employment to increase earnings further, to reach its new equilibrium, L ;, y;.

An important principle to emerge is that complementary assets should be owned together, but that economically independent assets should be owned separately. Finally, notice that the essential idea underpinning the analysis is that the yacht must not be owned by an individual who would otherwise have no bargaining power- to maximise the incentive to invest, the pie must be divided into as few pieces as possible. The chef, like the entrepreneur of the previous section, is undertaking an investment which is specific to another party (the tycoon) and so, with a long-term contract ruled out, must share the surplus.

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