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Explains the causes and consequences of democratization within the firm. It discusses workers' cooperatives, collective capital ownership and industrial democracy. The book proposes new institutions and policies by which a self-managed sector could be promoted under capitalism

AbstractThe standard economic approaches (screening and signalling) to product quality imply an upward sloping relationship between price and product quality. In the case of screening models it is a relationship which applies to the product line of each individual firm. In the case of signalling models it applies across firms. Both types of model have their shortcomings. An alternative approach is presented which involves endogenising the quality control process. Firms voluntarily provide a warranty contract for their products and this, in turn generates an incentive to control quality. The model compares monopolistic and competitive markets in respect of warranties. quality control and the price‐quality relationship. Under monopoly, the price‐quality relationship is always upward‐sloping or flat. Under competition, however, cost shifts or certain demand side shifts can generate a downward‐sloping relationship between price and quality.

A wage-earners' investment fund would receive income from taxation use it to accumulate capital on behalf of wage-earners. The paper briefly surveys the various wage-earner fund proposals advanced in Europe during the 1970s and 1980s. It then analyses the arguments for and against wage-earner funds and shows that the European debate on this issue has involved much more than a purely rational appraisal of the economic costs and benefits of the various policy options. the paper then examines the experience of wage-earner funds in Sweden, the only country in which such funds have actually been established. Institutional aspects of the Swedish funds are discussed, as are their behavior and performance.

Union wage-bargaining power in Denmark is analysed for the 1970s using earnings drift between centrally bargained and firm-level earnings as the basis for a measure of bargaining power. This measure is given a justification in terms of bargaining theory. During the 1970s various forms of worker participation, which are described and analysed in the paper, were introduced in Denmark. The paper attempts to relate changes in bargaining power to these developments.

1. Introduction -- 2. Towards an Algorithmic Revolution in Economic Theory -- 3. An Algorithmic Information-Theoretic Approach to the Behaviour of Financial Markets -- 4. Complexity and Randomness in Mathematics: Philosophical Reflections on the Relevance for Economic Modelling -- 5. Behavioural Complexity -- 6. Bounded Rationality and the Emergence of Simplicity Amidst Complexity -- 7. Emergent Complexity in Agent-Based Computational Economics -- 8. Non-Linear Dynamics, Complexity and Randomness: Algorithmic Foundations -- 9. Stock-Flow Interactions, Disequilibrium Macroeconomics and the Role of Economic Policy -- 10. Equilibrium Versus Market Efficiency: Randomness versus Complexity in Finance Markets -- 11. Flexible Accelerator Economic Systems as Coupled Oscillators -- 12. Shifting Sands: Non-Linearity, Complexity and Randomness in Economics.

Nonlinearity, Complexity and Randomness in Economics presents a variety of papers by leading economists, scientists, and philosophers who focus on different aspects of nonlinearity, complexity and randomness, and their implications for economics. A theme of the book is that economics should be based on algorithmic, computable mathematical foundations. Features an interdisciplinary collection of papers by economists, scientists, and philosophersPresents new approaches to macroeconomic modelling, agent-based modelling, financial markets, and emergent complexityReveals how economics today must be.