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Employers’ Economics versus Employees’ Economy

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

Palgrave Macmillan
  • 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
  • 1790 Accesses

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Table of contents (6 chapters)

  1. Front Matter

    Pages i-xi
  2. We Invest More than They

    • John F. M. McDermott
    Pages 1-27
  3. The Paradoxes of Market Economics

    • John F. M. McDermott
    Pages 29-55
  4. Economics and Mis-Mathematics

    • John F. M. McDermott
    Pages 57-88
  5. Cornucopia, Inc.

    • John F. M. McDermott
    Pages 89-113
  6. From “Employees” to “Servants”

    • John F. M. McDermott
    Pages 115-143
  7. Economic Science and Social Reform

    • John F. M. McDermott
    Pages 145-171
  8. Back Matter

    Pages 173-191

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.

Authors and Affiliations

  • State University of New York, Old Westbury, USA

    John F. M. McDermott

About the author

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).

Bibliographic Information

  • Book Title: Employers’ Economics versus Employees’ Economy

  • Book Subtitle: How Adam Smith’s Legacy Obscures Public Investment in the Private Sector

  • Authors: John F. M. McDermott

  • DOI: https://doi.org/10.1007/978-3-319-50149-9

  • Publisher: Palgrave Macmillan Cham

  • eBook Packages: Economics and Finance, Economics and Finance (R0)

  • Copyright Information: The Editor(s) (if applicable) and The Author(s) 2017

  • Hardcover ISBN: 978-3-319-50148-2Published: 01 February 2017

  • Softcover ISBN: 978-3-319-84328-5Published: 04 May 2018

  • eBook ISBN: 978-3-319-50149-9Published: 23 January 2017

  • Edition Number: 1

  • Number of Pages: XI, 191

  • Topics: Public Economics, Labor Economics, Economic History

Buy it now

Buying options

eBook USD 89.00
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book USD 119.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book USD 119.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Other ways to access