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Economics of participation is an umbrella term spanning the economic analysis of worker cooperatives, labor-managed firms, profit sharing, gain sharing, employee ownership, employee stock ownership plans, works councils, codetermination, and other mechanisms which employees use to participate in their firm's decision making and financial results.
A historical analysis of worker participation traces its development from informal profit sharing in U.S. factories, to flexible remuneration in the aftermath of Industrial Revolution and to staff democracy's application for earning stability in economic downturns during the 21st Century.[1][2][3]
The economic analysis of these participatory tools reveals their benefits and limitations for individuals, businesses and the wider economy. As a result of worker participation, employees gain skills, morale and motivation that improve business output, productivity and profitability.[4] Spill-on effects into the wider economy can anchor human and financial capital in domestic industries, which have the potential to increase aggregate demand. However, negative implications of staff democracy encompass the free-rider effect and volatile incomes, which may reduce morale and motivation at an organisational level.[4] Further, the long-run success of worker democracy is economically equivocal, and may prove a Pareto inefficient use of economic resources.[5]
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and 25 Related for: Economics of participation information
Economicsofparticipation is an umbrella term spanning the economic analysis of worker cooperatives, labor-managed firms, profit sharing, gain sharing...
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male labor force participation rate is at 69.4%, and the total is 62.8%. A common theory in modern economics claims that the rise of women participating...
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Keynes put forward the theories now known as Keynesian economics, involving the active participationof the state and public sector, while Hayek and Robbins...
trend continued, then their work-force participation would return to the pre-pandemic level of 83% by the end of 2022. Even so, the U.S. economy would...
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education participation from the 1990s saw a decline in practical subjects not favoured for third-level entry requirements, including home economics. In 1945...
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on corporate boards of directors Cooperative Worker cooperative Economicsofparticipation Employee benefit trust Labour law List of employee-owned companies...
Public participation, also known as citizen participation or patient and public involvement, is the inclusion of the public in the activities of any organization...
Behavioral economics and public policy is a field that investigates how the discipline of behavioral economics can be used to enhance the formation, implementation...
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Law and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of law. The field emerged in the United States...
Keynesian economics (/ˈkeɪnziən/ KAYN-zee-ən; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic...
particularly important for economics given the enormous complexity of economic processes. This complexity can be attributed to the diversity of factors that determine...
contributed to the economicsofparticipation and particularly to research on worker cooperatives. He received his Ph.D. from the University of Michigan in 1981...
mainstream economics. The most significant are Institutional economics, Marxian economics and the Austrian School. The development of Keynesian economics was...
Heterodox economics is any economic thought or theory that contrasts with orthodox schools of economic thought, or that may be beyond neoclassical economics. These...
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