On the role of capital in "capitalist" and in labor-managed firms
By: Ellerman, David.
Material type:
ArticlePublisher: 2007Description: p.5-26.Subject(s): Right to property
In:
Review of Radical Political EconomicsSummary: This article outlines the "fundamental myth" about the structure of property rights in a capitalist economy, namely the idea that being the residual claimant in a productive opportunity is part of a bundle of property rights known as the "ownership of the firm". Residual claimancy is contractually determined so there is no such "ownership". The fundamental myth exposes a basic fallacy in capital theory that has hitherto escaped attention in the capital theory debates. - Reproduced.
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Articles
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Indian Institute of Public Administration | Volume no: 39, Issue no: 1 | Available | AR75074 |
This article outlines the "fundamental myth" about the structure of property rights in a capitalist economy, namely the idea that being the residual claimant in a productive opportunity is part of a bundle of property rights known as the "ownership of the firm". Residual claimancy is contractually determined so there is no such "ownership". The fundamental myth exposes a basic fallacy in capital theory that has hitherto escaped attention in the capital theory debates. - Reproduced.
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