By Bruno Jossa
This article specializes in marketplace socialism and the talk between financial theorists. It argues that marketplace socialism is the single rational kind of socialism and that industry socialism with labour-managed corporations is the easiest kind of industry socialism.
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Additional resources for The Economic Theory of Socialism and the Labour-Managed Firm
Sample text
As such, both the individual agent and the meso population are building blocks of evolutionary economic analysis. Yet rule cum adoption frequency is not micro, since all members of the population have this status. It is also not macro, since meso is only a component part of macro. Within the total economic system, the meso unit takes an intermediate position that both embraces micro, and is in turn embraced by macro. The concept of meso is not therefore an exotic and delicate flower to be appreciated only at the margin of economic analysis, perhaps after the real analysis of micro and macro is done.
We shall describe this in Chapters 3 and 4 as the trajectory of a novel idea in a market (phase 1), through the mass adoption of the generic rule (phase 2), to the retention of a new process structure in the economy (phase 3). The form of a trajectory is often represented as a classic logistic-diffusion curve, but our theory in no way requires that form. 29 What matters is that the phase of adoption of a rule is also a phase of differential growth, as all evolution is ultimately a process of differential growth.
Economic evolution can be observed in the dynamics of prices and quantize and other operational variables, but it is ultimately explained by changes in generic rules. The analytical foundation of evolutionary economics is therefore that of generic rules in carriers, and it is the nature and composition of these rules that determines the set of operations, both observed and possible. The operations of transformations and transactions on resources are then explained in terms of the generic rules that generated them, and evolutionary economics is the study of how those rules coordinate and change.