This is a historically important paper, by one “J. Philmore,” arguing along with Robert Nozick from a free-market libertarian viewpoint that the self-sale contract and the current employment or self-rental contract are on the same moral footing.
The Market Mechanism of Appropriation
December 12, 2012 by
This is a non-mathematical treatment of the fundamental theorem about the laissez faire mechanism for property appropriation.
Hume Implies Locke: Fundamental Theorem of Property Theory
December 12, 2012 by
The fundamental theorem for the invisible hand mechanism in the property system is that if Hume’s conditions are satisfied, then the invisible judge imputes in accordance with the Lockean responsibility principle. The paper mathematically formulates and proves the theorem using vector flows on graphs.
Mathematics of Real Estate Appraisal
December 11, 2012 by
This paper on the math of real estate appraisal is my most downloaded paper on the SSRN site! Hence I might as well make it available here too. It is a long discourse on the mathematics of compounding and discounting.
Arbitrage Theory
December 11, 2012 by
This a reprint of an applied math paper connecting the notion of arbitrage and the Lagrange multipliers of mathematical economics. The paper has a simple application showing that a circular gear train (all in the same plane) with an odd number of gears is rigid (cannot move) like the graphic to the left.
On the Role of Capital in “Capitalist” and in Labor-Managed Firms
December 10, 2012 by
This paper outlines the “fundamental myth” about the structure of property rights in a capitalist economy, namely the idea that being the residual claimant in a productive opportunity is part of a bundle of property rights known as the “ownership of the firm.” Residual claimancy is contractually determined so there is no such “ownership.” The fundamental myth exposes a basic fallacy in capital theory that has hitherto escaped attention in the capital theory debates. (Reprint from: Review of Radical Political Economics, Winter 2007)
Goodwill: Not a Present Property Right
December 9, 2012 by
This is a small article in a Dutch finance and accounting journal that makes a big point.
Brookings Conf. Paper on Workplace Democracy
December 9, 2012 by
This is a paper on workplace democracy and the corporate governance debate which was prepared for a 1998 conference at the Brookings Institution. For some reason, it was never published.
Book review on plywood coops
December 9, 2012 by
This book on the plywood coops is written by an academic economist who is sympathetic to worker cooperatives, but just repeats the standard criticisms as if he were unaware of the solutions and counterarguments. Hence I wrote the review to once again point out the solutions and counterarguments.
The Democratic Worker-Owned Firm
December 2, 2012 by
My second book was the 1989 The Democratic Worker-Owned Firm. The book was revised for the Chinese translation, and that is the version that can be downloaded here. This book develops the labor theory of property and democratic theory arguments for a democratic firm, and analyzes the connection between those principles and the legal structure of the firms.