Participatory economics, often abbreviated Parecon, is an economic system based on participatory decision making as the primary economic mechanism for allocation in society. In the system, the say in decision-making is proportional to the impact on a person or group of people. Participatory economics is a form of a socialist decentralized planned economy involving the collective ownership of the means of production. It is a proposed alternative to contemporary capitalism and centralized planning. This economic model is primarily associated with political theorist Michael Albert and economist Robin Hahnel, who describes participatory economics as an anarchist economic vision.[1]
The underlying values that parecon seeks to implement are: equity, solidarity, diversity, workers' self-management, efficiency (defined as accomplishing goals without wasting valued assets), and sustainability. The institutions of parecon include workers' and consumers' councils utilising self-managerial methods for decision-making, balanced job complexes, remuneration based on individual effort, and wide decentralized planning. In parecon, self-management constitutes a replacement for the mainstream conception of economic freedom, which Albert and Hahnel argue by its very vagueness has allowed it to be abused by capitalist ideologues.[2]
Albert and Hahnel claim that participatory economics has been practiced to varying degrees during the Russian Revolution of 1917, Spanish Revolution of 1936, and occasionally in South America.[3]
^Albert, Michael Parecon: Life After Capitalism Archived 2008-10-16 at the Wayback Machine Chapter 19 Individuals / Society
^Albert, Michael; Hahnel, Robin; Kotz, David M.; O'Neill, John (2002). "In Defense of Participatory Economics". Science & Society. 66 (1): 7–28. doi:10.1521/siso.66.1.7.21015. ISSN 0036-8237. JSTOR 40403950.
Participatoryeconomics, often abbreviated Parecon, is an economic system based on participatory decision making as the primary economic mechanism for...
economic matters all over the world. He is best known for his work on participatoryeconomics with Z Magazine editor Michael Albert. Politically, Hahnel considers...
He is known for helping to develop the socioeconomic theory of participatoryeconomics. Albert was born in New York City and grew up in New Rochelle,...
Albert and radical economist Robin Hahnel. For Albert, "participatoryeconomics and participatory society provide a worthy, viable, and even necessary and...
and socialist economics. Variations of decentralized planning such as economic democracy, industrial democracy and participatoryeconomics have been promoted...
than going largely to a class of inheriting rentiers. Participatoryeconomics utilizes participatory decision making as an economic mechanism to guide the...
self-governance, envisioning free association based on co-operative or participatoryeconomics. Some libertarian socialists see such systems as complementary...
parental dividend Pareto efficiency Pareto principle participation participatoryeconomics partnership A business that two or more individuals own and operate...
markets and are self-managed by their workforce, to non-market participatoryeconomics based on decentralised economic planning, and democratic central...
Law and Economics Movement. Harvard University Press. p. 50. ISBN 978-0674037304. Liu, Eric; Hanauer, Nick (7 May 2016). "Complexity Economics Shows Us...
Republic. Modern descendants of collectivist anarchism include participatoryeconomics, as advocated by Michael Albert and Robin Hahnel, which takes up...
Retrieved 1 October 2020. Bouckaert, Boudewijn, ed. (2010). Property law and economics. Cheltenham, UK: Edward Elgar. p. 183. ISBN 9781847205650. Cobb, Neil;...
economics New classical economics New Keynesian economics Participatoryeconomics Home economics Goods Complement good Coordination good Free goods Inferior...
popular self governance via networks of decentralized, local voluntary, participatory, cooperative associations. Roderick T. Long. "Toward a libertarian theory...
association Labour voucher Market abolitionism Mutual aid Mutual credit Participatoryeconomics Social ownership Wage slavery Workers' self-management By region...
economic planning emerged in the late 20th century in the form of participatoryeconomics and negotiated coordination. David McMullen argues that social...
usually placed on the far-left of the political spectrum. Much of its economics and legal philosophy reflect anti-authoritarian, anti-statist, libertarian...
opportunities for civic decision-making through participatory democracy mechanisms like public consultations and participatory budgeting are believed to help legitimize...
association Labour voucher Market abolitionism Mutual aid Mutual credit Participatoryeconomics Social ownership Wage slavery Workers' self-management By region...
Participatory planning is an urban planning paradigm that emphasizes involving the entire community in the community planning process. Participatory planning...
and services are directly exchanged for other goods or services) Participatoryeconomics (a decentralized economic planning system where the production...
University Press. pp. 319–342. Pao, Rajesh P.N. (2017). "The Indus Script and Economics. A Role for Indus Seals and Tablets in Rationing and Administration of...
association Labour voucher Market abolitionism Mutual aid Mutual credit Participatoryeconomics Social ownership Wage slavery Workers' self-management Culture...
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