Abstract
If the firm is maximising an objective function, its behaviour will depend on the type of that objective function. Basically, we can distinguish three simple cases which, of course, can be further elaborated. The firm maximises either a residual, usually called profit, or one or two ratios, namely, income per worker or profit per unit of capital. I shall denote the three cases as: the entrepreneurial firm, the Worker-Managed (or Illyrian) firm and the capitalist firm. In order to simplify the analysis, only two factors of production are assumed (labour and capital), and joint products are absent.
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© 1986 International Economic Association
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Horvat, B. (1986). Workers’ Management and the Market. In: Stiglitz, J.E., Mathewson, G.F. (eds) New Developments in the Analysis of Market Structure. International Economic Association Series, vol 77. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-18058-5_10
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DOI: https://doi.org/10.1007/978-1-349-18058-5_10
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