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Democratic Economic Planning presents a concrete proposal for how
to organize, carry out, and integrate comprehensive annual economic
planning, investment planning, and long-run development planning so
as to maximize popular participation, distribute the burdens and
benefits of economic activity fairly, achieve environmental
sustainability, and use scarce productive resources efficiently.
The participatory planning procedures proposed provide workers in
self-managed councils and consumers in neighbourhood councils with
autonomy over their own activities while ensuring that they use
scarce productive resources in socially responsible ways without
subjecting them to competitive market forces. Certain mathematical
and economic skills are required to fully understand and evaluate
the planning procedures discussed and evaluated in technical
sections in a number of chapters. These sections are necessary to
advance the theory of democratic planning, and should be of primary
interest to readers who have those skills. However, the book is
written so that the main argument can be followed without fully
digesting the more technical sections. Democratic Economic Planning
is written for dreamers who are disenamored with the economics of
competition and greed want to know how a system of equitable
cooperation can be organized; and also for sceptics who demand
"hard proof" that an economy without markets and private enterprise
is possible.
Democratic Economic Planning presents a concrete proposal for how
to organize, carry out, and integrate comprehensive annual economic
planning, investment planning, and long-run development planning so
as to maximize popular participation, distribute the burdens and
benefits of economic activity fairly, achieve environmental
sustainability, and use scarce productive resources efficiently.
The participatory planning procedures proposed provide workers in
self-managed councils and consumers in neighbourhood councils with
autonomy over their own activities while ensuring that they use
scarce productive resources in socially responsible ways without
subjecting them to competitive market forces. Certain mathematical
and economic skills are required to fully understand and evaluate
the planning procedures discussed and evaluated in technical
sections in a number of chapters. These sections are necessary to
advance the theory of democratic planning, and should be of primary
interest to readers who have those skills. However, the book is
written so that the main argument can be followed without fully
digesting the more technical sections. Democratic Economic Planning
is written for dreamers who are disenamored with the economics of
competition and greed want to know how a system of equitable
cooperation can be organized; and also for sceptics who demand
"hard proof" that an economy without markets and private enterprise
is possible.
Any economics that does not deal forthrightly with economic
inequality is no longer suitable for the twenty-first century.
Similarly, any economics which does not provide a coherent way to
integrate environmental sustainability into economic analysis will
fail to command allegiance in the century ahead. This book
demonstrates how the Sraffian framework provides important
advantages in both areas. Divided into three chapters, Income
Distribution and Environmental Sustainability provides a rigorous
exposition of Sraffian theory emphasizing what it means for the
economy to be productive, extends Sraffian theory to address
environmental sustainability, and adds a normative theory of income
distribution to Sraffa's positive theory. In Chapter 1, a rigorous
version of the basic Sraffa model is presented which focuses on
what it means for the economy to be capable of producing a physical
surplus, explains the origin of profits, and shows how to measure
changes in overall labor productivity resulting from any technical
change. In Chapter 2, the basic model is extended to incorporate
primary inputs from the natural environment, rigorously measure
changes in environmental throughput efficiency, and establish
sufficient conditions for environmental sustainability. In Chapter
3, an explicit "normative" theory of economic justice is elaborated
which is a natural extension of Sraffa's "positive" theory of
income determination and consistent with modern egalitarian
literature on distributive justice. This book is of interest to
academics and students who study political economy, economic
theory, and philosophy, as well as those interested in the work of
Piero Sraffa.
In "Economic Justice and Democracy "Robin Hahnel argues that
progressives need to go back to the drawing board and rethink how
they conceive of economic justice and economic democracy. He
presents a coherent set of economic institutions and procedures
that can deliver economic justice and democracy through a
"participatory economy." But this is a long-run goal; he also
explores how to promote the economics of equitable cooperation in
the here and now by emphasizing ways to broaden the base of
existing economic reform movements while deepening their commitment
to more far reaching change.
Any economics that does not deal forthrightly with economic
inequality is no longer suitable for the twenty-first century.
Similarly, any economics which does not provide a coherent way to
integrate environmental sustainability into economic analysis will
fail to command allegiance in the century ahead. This book
demonstrates how the Sraffian framework provides important
advantages in both areas. Divided into three chapters, Income
Distribution and Environmental Sustainability provides a rigorous
exposition of Sraffian theory emphasizing what it means for the
economy to be productive, extends Sraffian theory to address
environmental sustainability, and adds a normative theory of income
distribution to Sraffa's positive theory. In Chapter 1, a rigorous
version of the basic Sraffa model is presented which focuses on
what it means for the economy to be capable of producing a physical
surplus, explains the origin of profits, and shows how to measure
changes in overall labor productivity resulting from any technical
change. In Chapter 2, the basic model is extended to incorporate
primary inputs from the natural environment, rigorously measure
changes in environmental throughput efficiency, and establish
sufficient conditions for environmental sustainability. In Chapter
3, an explicit "normative" theory of economic justice is elaborated
which is a natural extension of Sraffa's "positive" theory of
income determination and consistent with modern egalitarian
literature on distributive justice. This book is of interest to
academics and students who study political economy, economic
theory, and philosophy, as well as those interested in the work of
Piero Sraffa.
This book's pluralistic, non-dogmatic, and committed investigation
of the values of ecological sustainability, economic justice, and
human dignity provides balanced analysis of environmental problems
and their potential solutions.
For too long radical political economy has suffered for lack of a
coherent alternative to formal Marxian economic theory. People have
had to choose between (1) continuing to use a formal model based on
the labor theory of value as Marx developed in Capital to justify
and retain one's opposition to capitalism, or (2) abandoning the
formal Marxian framework as outdated, and risk losing a critical
evaluation of capitalism. Radical Political Economy: Sraffa Versus
Marx provides readers with a third choice. A point-by-point
comparison of Sraffian and Marxian treatments of prices, profits,
technological change, economic crises, environmental
sustainability, and the moral case against capitalism, are
presented in six core chapters. They explain how the Sraffian
treatment surpasses the formal Marxian treatment in every case.
Both Marxian and Sraffian theories are presented in a highly
accessible way, while large professional literatures are thoroughly
referenced throughout. Marx was not the first, but remains the
greatest, critic of capitalism, and richly deserves his place in
history. However it is time to use intellectual tools unavailable
to Marx in the nineteenth century to improve upon his formal
analysis. This book is of great importance to those who study
Sraffa and Marx, as well as academics and students who are
interested in political economy, the history of economic thought,
and economic and philosophical theory.
This book's pluralistic, non-dogmatic, and committed investigation
of the values of ecological sustainability, economic justice, and
human dignity provides balanced analysis of environmental problems
and their potential solutions.
The ABCs of Political Economy is an accessible introduction to
modern political economy. While informed by the work of Marx,
Keyens, Veblen, Kalecki, Robinson, Minsky and other great political
economists, the ABCs provides readers with essential tools needed
to understand economic issues today from a modern perspective.
Dispelling myths about financial liberalization, fiscal austerity,
globalization and free markets, the ABCs offers a critical
perspective on our present system and outlines clear alternatives
for the future. This second edition applies the analytical tools
developed to help readers understand the origins of the financial
crisis of 2007, the ensuing Great Recession, and why government
policies in Europe and North America over the past six years have
failed to improve matters for the majority of their citizens. The
second edition also applies tools developed to explain what is
causing climate change and what will be required if it is to be
resolved effectively and fairly.
For too long radical political economy has suffered for lack of a
coherent alternative to formal Marxian economic theory. People have
had to choose between (1) continuing to use a formal model based on
the labor theory of value as Marx developed in Capital to justify
and retain one's opposition to capitalism, or (2) abandoning the
formal Marxian framework as outdated, and risk losing a critical
evaluation of capitalism. Radical Political Economy: Sraffa Versus
Marx provides readers with a third choice. A point-by-point
comparison of Sraffian and Marxian treatments of prices, profits,
technological change, economic crises, environmental
sustainability, and the moral case against capitalism, are
presented in six core chapters. They explain how the Sraffian
treatment surpasses the formal Marxian treatment in every case.
Both Marxian and Sraffian theories are presented in a highly
accessible way, while large professional literatures are thoroughly
referenced throughout. Marx was not the first, but remains the
greatest, critic of capitalism, and richly deserves his place in
history. However it is time to use intellectual tools unavailable
to Marx in the nineteenth century to improve upon his formal
analysis. This book is of great importance to those who study
Sraffa and Marx, as well as academics and students who are
interested in political economy, the history of economic thought,
and economic and philosophical theory.
In Economic Justice and Democracy Robin Hahnel argues that
progressives need to go back to the drawing board and rethink how
they conceive of economic justice and economic democracy. He
presents a coherent set of economic institutions and procedures
that can deliver economic justice and democracy through a
"participatory economy." But this is a long-run goal; he also
explores how to promote the economics of equitable cooperation in
the here and now by emphasizing ways to broaden the base of
existing economic reform movements while deepening their commitment
to more far reaching change.
What would a viable free and democratic society look like? Poverty,
exploitation, instability, hierarchy, subordination, environmental
exhaustion, radical inequalities of wealth and power-it is not
difficult to list capitalism's myriad injustices. But is there a
preferable and workable alternative? Alternatives to Capitalism:
Proposals for a Democratic Economy presents a debate between two
such possibilities: Robin Hahnel's "participatory economics" and
Erik Olin Wright's "real utopian" socialism. It is a detailed and
rewarding discussion that illuminates a range of issues and
dilemmas of crucial importance to any serious effort to build a
better world.
This ambitious work presents a critique of traditional welfare
theory and proposes a new approach to it. Radical economists Robin
Hahnel and Michael Albert argue that an improved theory of social
welfare can consolidate and extend recent advances in microeconomic
theory, and generate exciting new results as well. The authors show
that once the traditional "welfare paradigm" is appropriately
modified, a revitalized welfare theory can clarify the relationship
between individual and social rationalitya task that continues to
be of interest to mainstream and nonmainstream economists alike.
Hahnel and Albert show how recent work in the theory of the labor
process, externalities, public goods, and endogenous preferences
can advance research in welfare theory. In a series of important
theorems, the authors extend the concept of Pareto optimality to
dynamic contexts with changing preferences and thus highlight the
importance of institutional bias. This discussion provides the
basis for further analysis of the properties and consequences of
private and public enterprise and of markets and central planning.
Not surprisingly, Hahnel and Albert reach a number of conclusions
at odds with conventional wisdom. Originally published in 1990. The
Princeton Legacy Library uses the latest print-on-demand technology
to again make available previously out-of-print books from the
distinguished backlist of Princeton University Press. These
editions preserve the original texts of these important books while
presenting them in durable paperback and hardcover editions. The
goal of the Princeton Legacy Library is to vastly increase access
to the rich scholarly heritage found in the thousands of books
published by Princeton University Press since its founding in 1905.
This ambitious work presents a critique of traditional welfare
theory and proposes a new approach to it. Radical economists Robin
Hahnel and Michael Albert argue that an improved theory of social
welfare can consolidate and extend recent advances in microeconomic
theory, and generate exciting new results as well. The authors show
that once the traditional "welfare paradigm" is appropriately
modified, a revitalized welfare theory can clarify the relationship
between individual and social rationalitya task that continues to
be of interest to mainstream and nonmainstream economists alike.
Hahnel and Albert show how recent work in the theory of the labor
process, externalities, public goods, and endogenous preferences
can advance research in welfare theory. In a series of important
theorems, the authors extend the concept of Pareto optimality to
dynamic contexts with changing preferences and thus highlight the
importance of institutional bias. This discussion provides the
basis for further analysis of the properties and consequences of
private and public enterprise and of markets and central planning.
Not surprisingly, Hahnel and Albert reach a number of conclusions
at odds with conventional wisdom. Originally published in 1990. The
Princeton Legacy Library uses the latest print-on-demand technology
to again make available previously out-of-print books from the
distinguished backlist of Princeton University Press. These
editions preserve the original texts of these important books while
presenting them in durable paperback and hardcover editions. The
goal of the Princeton Legacy Library is to vastly increase access
to the rich scholarly heritage found in the thousands of books
published by Princeton University Press since its founding in 1905.
With the near bankruptcy of centrally planned economies now
apparent and with capitalism seemingly incapable of generating
egalitarian outcomes in the first world and economic development in
the third world, alternative approaches to managing economic
affairs are an urgent necessity. Until now, however, descriptions
of alternatives have been unconvincing. Here Michael Albert and
Robin Hahnel support the libertarian socialist tradition by
presenting a rigorous, well-defined model of how producers and
consumers could democratically plan their interconnected
activities.
After explaining why hierarchical production, inegalitarian
consumption, central planning, and market allocations are
incompatible with "classlessness," the authors present an
alternative model of democratic workers' and consumers' councils
operating in a decentralized, social planning procedure. They show
how egalitarian consumption and job complexes in which all engage
in conceptual as well as executionary labor can be efficient. They
demonstrate the ability of their planning procedure to yield
equitable and efficient outcomes even in the context of
externalities and public goods and its power to stimulate rather
than subvert participatory impulses. Also included is a discussion
of information management and how simulation experiments can
substantiate the feasibility of their model.
Unless the economy is of the people and by the people it will never
be for the people. This book is for people who want to know what a
desirable alternative to capitalism might look like. It is for
people who want more than rosy rhetoric and Pollyannaish
descriptions of people working in harmony. It is for people want to
dig into what economic justice and economic democracy mean. It is a
book for optimists-who believe the human species must be capable of
something better than succumbing to competition and greed or
authoritarianism, and would like to know how we can do it. It is
also a book for skeptics-who demand to be shown, explicitly and
concretely, how a modern economy can dispense with markets and
authoritarian planning, and how hundreds of millions of people can
manage their own division of labor efficiently and equitably.
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