IDEAS home Printed from https://ideas.repec.org/a/eee/soceco/v37y2008i4p1624-1635.html
   My bibliography  Save this article

Capital democratization

Author

Listed:
  • Ashford, Robert
  • Kantarelis, Demetri

Abstract

Although principles underlying binary economics were first published in Kelso and Adler [Kelso, L.O., Adler, M., 1958. The capitalist manifesto, downloadable at Kelso Institute], the many books and papers that discuss the subject generally do not utilize conventional economics language. To facilitate the teaching of binary economics in beginning and intermediate college courses in economics and business, the paper explains some major microeconomic and macroeconomic fundamentals of binary economics by utilizing conventional neo-classical economic models. It then compares the theoretical results reached in a non-binary economic environment to those that may be reached in a binary one. The most important result from the comparison is that, in a non-binary environment, the economy would employ less than full potential capital and thus generate less than optimum output, consumption, saving and investment. The authors hope the article will help the reader to (a) understand the binary principles and (b) analyze the 'binary promise' of greater growth based on a broader distribution of capital ownership.

Suggested Citation

  • Ashford, Robert & Kantarelis, Demetri, 2008. "Capital democratization," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(4), pages 1624-1635, August.
    • Handle: RePEc:eee:soceco:v:37:y:2008:i:4:p:1624-1635
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/B6W5H-4PHJTP9-1/1/ec30c735f6a7001e1c29df1ecbb44c30
    Download Restriction: Full text for ScienceDirect subscribers only
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Gauche, Jerry N., 1998. "Binary economic modes for the privatization of public assets," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 27(3), pages 445-459.
    2. Stephen D. Oliner & Daniel E. Sichel, 2000. "The Resurgence of Growth in the Late 1990s: Is Information Technology the Story?," Journal of Economic Perspectives, American Economic Association, vol. 14(4), pages 3-22, Fall.
    3. Kane, Stephen V., 2000. "The theory of productiveness: a microeconomic and macroeconomic analysis of binary growth and output in the Kelso system1," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 29(6), pages 541-563, November.
    4. Ashford, Robert, 1996. "Louis Kelso's binary economy," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 25(1), pages 1-53.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Robert Ashford, 2010. "Broadening the Right to Acquire Capital with the Earnings of Capital: the Missing Link to Sustainable Economic Recovery and Growth," Forum for Social Economics, Taylor & Francis Journals, vol. 39(1), pages 89-100, January.
    2. Robert Ashford, 2010. "Broadening the Right to Acquire Capital with the Earnings of Capital: the Missing Link to Sustainable Economic Recovery and Growth," Forum for Social Economics, Springer;The Association for Social Economics, vol. 39(1), pages 89-100, April.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Currie, Carolyn, 2005. "The need for a new theory of economic reform," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 34(4), pages 425-443, August.
    2. Jorgenson, Dale W. & Nomura, Koji, 2005. "The industry origins of Japanese economic growth," Journal of the Japanese and International Economies, Elsevier, vol. 19(4), pages 482-542, December.
    3. Janet L. Yellen, 2005. "The U.S. economic outlook," Speech 5, Federal Reserve Bank of San Francisco.
    4. Karl Whelan, 2002. "Some New Economy Lessons for Macroeconomists," Recherches économiques de Louvain, De Boeck Université, vol. 68(1), pages 21-36.
    5. Kiley, Michael T., 2001. "Computers and growth with frictions: aggregate and disaggregate evidence," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 55(1), pages 171-215, December.
    6. Ionela Tofan & Elena Condrea, 2022. "An Analysis of Business Performance In Romania’s IT Sector," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 207-216, Decembrie.
    7. Benati, Luca, 2007. "Drift and breaks in labor productivity," Journal of Economic Dynamics and Control, Elsevier, vol. 31(8), pages 2847-2877, August.
    8. Rajiv Kohli & Sarv Devaraj, 2003. "Measuring Information Technology Payoff: A Meta-Analysis of Structural Variables in Firm-Level Empirical Research," Information Systems Research, INFORMS, vol. 14(2), pages 127-145, June.
    9. Gangopadhyay, Partha & Jain, Siddharth & Bakry, Walid, 2022. "In search of a rational foundation for the massive IT boom in the Australian banking industry: Can the IT boom really drive relationship banking?," International Review of Financial Analysis, Elsevier, vol. 82(C).
    10. Espinoza, Héctor & Kling, Gerhard & McGroarty, Frank & O'Mahony, Mary & Ziouvelou, Xenia, 2020. "Estimating the impact of the Internet of Things on productivity in Europe," LSE Research Online Documents on Economics 116391, London School of Economics and Political Science, LSE Library.
    11. Francois, P. & Roberts, J., 2001. "Contracting Productivity Growth," Other publications TiSEM 7c9a1efd-33c0-4355-a101-4, Tilburg University, School of Economics and Management.
    12. Carmen Díaz-Roldán & María del Carmen Ramos-Herrera, 2021. "Innovations and ICT: Do They Favour Economic Growth and Environmental Quality?," Energies, MDPI, vol. 14(5), pages 1-17, March.
    13. Basu, Susanto & Fernald, John G. & Shapiro, Matthew D., 2001. "Productivity growth in the 1990s: technology, utilization, or adjustment?," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 55(1), pages 117-165, December.
    14. repec:dgr:rugggd:gd-79 is not listed on IDEAS
    15. Nicholas Bloom & Raffaella Sadun & John Van Reenen, 2012. "Americans Do IT Better: US Multinationals and the Productivity Miracle," American Economic Review, American Economic Association, vol. 102(1), pages 167-201, February.
    16. Thangavelu, Shandre M. & Chongvilaivan, Aekapol, 2013. "Financial Health and Firm Productivity: Firm-level Evidence from Viet Nam," ADBI Working Papers 434, Asian Development Bank Institute.
    17. J. Bradford DeLong, 2002. "Do We Have a "New" Macroeconomy?," NBER Chapters, in: Innovation Policy and the Economy, Volume 2, pages 163-184, National Bureau of Economic Research, Inc.
    18. Matti Pohjola, 2002. "The New Economy in Growth and Development," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 18(3), pages 380-396.
    19. Sergey Valery Samoilenko, 2013. "Investigating factors associated with the spillover effect of investments in telecoms: Do some transition economies pay too much for too little?," Information Technology for Development, Taylor & Francis Journals, vol. 19(1), pages 40-61, January.
    20. Francesco Venturini, 2009. "The long-run impact of ICT," Empirical Economics, Springer, vol. 37(3), pages 497-515, December.
    21. Boucekkine, Raouf & Crifo, Patricia, 2008. "Human Capital Accumulation And The Transition From Specialization To Multitasking," Macroeconomic Dynamics, Cambridge University Press, vol. 12(3), pages 320-344, June.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:soceco:v:37:y:2008:i:4:p:1624-1635. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/620175 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.