Participation and Codetermination in a Perfect and an Imperfect World*: Comment
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Thomas Eger and Peter Weise (hereinafter E-W) have contributed to the small but growing literature that attempts to show that the predominant form of capitalist economic organization under freedom of contract is inefficient owing to informational and contracting costs. More specifically, human capital is disadvantaged because of its lack of appropriability, and legislative correction, for example, in the form of codetermination laws for large firms, can improve welfare — of workers at least.
KeywordsNash Equilibrium Large Firm Venture Capital Competitive Equilibrium Profit Sharing
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