Suchergebnisse

Comments on Theodore Burczak's "Socialism after Hayek" (1996/97), concentrating on his juxtaposition of David Ellerman's (eg, 1988) labor theory of property with Israel Kirzner's (eg, 1997) entrepreneurial theory of profit. It is shown that Burczak succeeds in linking Ellerman's case against the traditional capitalist form to Kirzner's defense of entrepreneurial profit. This linkage illuminates the issue of what constitutes a product in a system of expanded social reproduction. Although Burczak does not recognize it, this linkage may also reveal another insight: those who hold to a labor theory of property rights might be forced to take seriously the consent theory of contract. This point proceeds from the notion that nonpassive individuals who behave entrepreneurially as self-employed or self-managed firms might enjoy the same rights to the products they produce as the multiple workers in larger firms. 27 References. D. Ryfe

Critically assesses Roy Cordato's attempt (1992) to develop a theory of Austrian welfare & an alternative paradigm to neoclassical welfare theory by creating a general theory of welfare & efficiency that is divorced from perfect competition or any notion of general equilibrium. Cordato's assessment of Murray Rothbard's "Toward a Reconstruction of Utility and Welfare Economics" (1956), which offered both an alternative foundation for welfare theory & criticism of new welfare economics, is discussed. Cordato criticizes Rothbard for failing to include psychic utility loss in his free-market benchmark & for ignoring the problem of interpersonal utility. It is concluded that Cordato does not provide any solutions to the problems of neoclassical welfare economics. Adapted from the source document.

It is argued that a shift among the Left from socialism to a market-based welfare state (WS) could be overly hasty & in error, for the new advocates of the WS have overlooked Claus Offe's analysis of its contradictions (Contradictions of the Welfare State, [see IRPS No. 45/86c01045]) & the crises of crisis management, which must be reassessed in light of current socialist reforms. Offe's analysis employs a neo-Schumpeterian interpretation of the instability of the WS & the contradictions of state intervention in general, & leads one to doubt that the WS is a feasible alternative to either anarchic markets or state socialism. Yet Offe also claims that the WS is irreversible -- which suggests its viability -- but this claim is not well-supported by Offe's own analysis. Modified AA