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Employers’ Economics versus Employees’ Economy

How Adam Smith’s Legacy Obscures Public Investment in the Private Sector

Authors: McDermott, John F. M.

  • 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
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eBook $99.00
price for USA (gross)
  • ISBN 978-3-319-50149-9
  • Digitally watermarked, DRM-free
  • Included format: PDF, EPUB
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $129.00
price for USA
  • ISBN 978-3-319-50148-2
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
About this book

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.

About the authors

John F. M. McDermott is Professor Emeritus of the State University of New York. He is the author of four previous books, two of them on economics: Corporate Society (1991) and Economics in Real Time (2004).

Table of contents (6 chapters)

  • We Invest More than They

    McDermott, John F. M.

    Pages 1-27

  • The Paradoxes of Market Economics

    McDermott, John F. M.

    Pages 29-55

  • Economics and Mis-Mathematics

    McDermott, John F. M.

    Pages 57-88

  • Cornucopia, Inc.

    McDermott, John F. M.

    Pages 89-113

  • From “Employees” to “Servants”

    McDermott, John F. M.

    Pages 115-143

Buy this book

eBook $99.00
price for USA (gross)
  • ISBN 978-3-319-50149-9
  • Digitally watermarked, DRM-free
  • Included format: PDF, EPUB
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $129.00
price for USA
  • ISBN 978-3-319-50148-2
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Employers’ Economics versus Employees’ Economy
Book Subtitle
How Adam Smith’s Legacy Obscures Public Investment in the Private Sector
Authors
Copyright
2017
Publisher
Palgrave Macmillan
Copyright Holder
The Editor(s) (if applicable) and The Author(s)
eBook ISBN
978-3-319-50149-9
DOI
10.1007/978-3-319-50149-9
Hardcover ISBN
978-3-319-50148-2
Edition Number
1
Number of Pages
XI, 191
Topics