Abstract
The conventional theory of the labour-managed firm (LMF) typically assumes that membership can be fully adjusted and that it is determined so as to maximise the income of the remaining members. The fundamental well known implication of this theory is that employment exhibits a'perverse'response to an increase in the price of output (see Ward, I958; Domar, I966; Vanek,
| Original language | American English |
|---|---|
| Pages (from-to) | 937-945 |
| Journal | Economic Journal |
| Volume | 103 |
| State | Published - 1993 |