PROPERTY & CONTRACT in ECONOMICS The Case for Economic Democracy DAVID P. ELLERMAN 1BDDesigns and Patents Act 1988. Firat published 1992 iackwell Publishers 108 Cowley Road Oxford OX 1 UK ropeny, 2 Demoeracy, 3 Ci book i printed on seld-ree paper Contents List of figures ist of tables Genet editors’ preface Introduction PARTI Property 6 The employer-employec relationship 7 Non-democratic liberalism: the hidden intellectual history of capitalism Part II Property and contract in economics 11 Property fallacies in economies 12. Marginal productivity theory 13. Marxian value theory, MP theory, and the labor theory of property u B 49 15 9 % 108 128 142 165 7 179 201 21227 241 261 269 Figures 3.1 The poetic active-inputs view of production 2 32. ‘The engineering passive view of production “3 33. The humanistic view of production “3 44. “The labor theory” 39 42. No surplus labor 43. 6 hours surplus labor 61 44 No profit 62 ion” of spindle 2 8 of Marx's LTV 0 ‘whole product” 76 ns on alienability 8.1 Two legal roles of the slave 8.2 Two legal roles of the employee ‘wo legal roles of the employee 10.2 Factual transaction 111 Standard circular flow diagram 13.1 Price-wage tradeoff p(r)z(r) = 1 132 “Expl tion” analysis of apple price change