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Why capital hires labour and why labour does not hire capital

By Meghnad Desai and Manfred J Holler

Abstract

It is shown that in an economy with non-marginal set-up costs on the capital side, which imply a minimum requirement of capital, production may be carried out by capitalist firms only, irrespective of the fact that workers can exchange work for capital so that labour-managed production seems feasible

Topics: HC Economic History and Conditions
Publisher: Accedo
Year: 2002
OAI identifier: oai:eprints.lse.ac.uk:7309
Provided by: LSE Research Online
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