Employers’ Economics versus Employees’ Economy How Adam Smith’s Legacy Obscures Public Investment in the Private Sector
Authors: John F. M. McDermott
Fuses theoretical and mathematical objections to enforcing Adam Smith's economic models
Demonstrates how public investment vastly outweighs private investment in the US
Argues that “the private sector” is an ideological construct
Describes how contemporary economics pitches employers against employees
Proposes that continuing economic learning will lead to expanding economic democracy
This book argues that economic activity in the public sphere now underwrites private corporations, and rejects rigid adherence to traditional economic theories that no longer apply. Adam Smith's widely used "merchant's model" assumes that most investment is private, when in fact research demonstrates that public investment in the workforce through education and training far outweighs the private sector, and does not account for the growing presence of consensual pricing, the diversification of modern businesses, or the increasing internal authoritarianism of globalizing companies. With de facto public support for these adaptations undermining the universally presumed economic model, private corporations are able to increase their profits while misrepresenting the investment of their own global labor forces. This book suggests an "economy of laws" solution that balances the needed degree of central investment planning with the continuation of our pluralist economy of largely autonomous firms, principally by extending the full rights of citizens into the workplace itself.
Employers' Economics versus Employees' Economy_How Adam Smith's L.zip
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