The Labor-Managed Firm Theoretical Foundations
The Labor-Managed Firm: Theoretical Foundations by Gregory K. Dow, published by Cambridge University Press on April 5, 2018, is a comprehensive exploration of worker-controlled firms. This edition, comprising 413 pages, presents formal models that build upon Dow’s previous work, while also charting new directions for economic research. The book emphasizes the distinction between alienable capital and inalienable labor, using this framework to explain the limited prevalence of labor-managed firms in the market.
Readers will find a detailed examination of labor-managed firms through the lens of modern microeconomics, supported by contemporary empirical research. Dow constructs a unified theory that addresses various aspects of the behavior, performance, and design of these firms. This work includes numerous new chapters, a thorough critique of existing literature, and policy recommendations, making it a significant contribution to the fields of economics and industrial management.
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In previous work, Gregory K. Dow created a broad and accessible overview of worker-controlled firms. In his new book, The Labor-Managed Firm: Theoretical Foundations, Dow provides the formal models that underpinned his earlier work, while developing promising new directions for economic research. Emphasizing that capital is alienable while labor is inalienable, Dow shows how this distinction, together with market imperfections, explains the rarity of labor-managed firms. This book uses modern microeconomics, exploits up-to-date empirical research, and constructs a unified theory that accounts for many facts about the behavior, performance, and design of labor-managed firms. With a large number of entirely new chapters, comprehensive updating of earlier material, a critique of the literature, and policy recommendations, here Dow presents the capstone work of his career, encompassing more than three decades of theoretical research.
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