Modifications of the Basic Model

Frank H. Stephen
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Frank H. Stephen: University of Strathclyde

Chapter 3 in The Economic Analysis of Producers’ Cooperatives, 1984, pp 26-64 from Palgrave Macmillan

Abstract: Abstract The literature on the economics of the labour-managed firm has developed considerably since the original presentation of what has been called in the previous chapter the W-V-M model. Some authors have presented more formal proofs of the properties of the W-V-M model (for example, Maurice and Ferguson, 1972; Dreze, 1976; Pearce, 1977; Meade, 1979), but a major preoccupation has been the identification of circumstances under which the ‘perverse’ short-run supply response, which is characteristic of the basic model, disappears. In this chapter, the latter developments are considered in three broad groupings, i.e. those which consider: (1) a supply curve of labour which is less than infinitely elastic; (2) institutional arrangements which neutralise, if not reverse, the ‘perverse’ supply response; (3) alternatives to income per worker as the maximand.

Keywords: Utility Function; Labour Force; Supply Curve; Indifference Curve; Absolute Risk Aversion (search for similar items in EconPapers)
Date: 1984
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DOI: 10.1007/978-1-349-06248-5_3

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