ECON 426W Final: 426 final exam 2011

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Student a argues that if we have more democracy in a firm, we must inevitably have less efficiency. Student b argues that there is no trade-off between these two goals: promoting democracy will lead to greater efficiency. An economist wants to find out whether lmfs or kmfs have higher productivity. Describe the main ways in which capital was obtained by (i) the plywood cooperatives and (ii) mondragon. Describe how employee stock ownership plans (esops) work, and say what the costs and benefits of this system might be from the points of view of shareholders, managers, and employees. Then answer the same questions for german codetermination. Professor x says: if comprehensive contracts could be used for all goods and services, no firms would exist, because production could always be organized through contracts. Student a says that an lmf would maximize profit. Student b says that an lmf would maximize income per worker.

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