A not Unminor problem for the Left

[Michael Perelman]

That is the subject of the first half of the book from which I posted a snippet
yesterday.  I had asked Doug Henwood to be a co-author.  He declined.  It would
have been a much better book with his help.

Doug Henwood wrote:


>
> This sort of analysis always ignores the immense waste in a "market"
> system - advertising, management, market research, vast markups
> thanks to brand fetishism, search costs, financiers' take, etc.
> Capitalist firms are hardly immune to all the perverse incentives you
> list too. Why would Michael Jensen have had to theorize managerial
> waste and suggest leveraged buyouts as their cure if competitive
> product markets were so elegantly self-regulating?

--

Michael Perelman
Economics Department
California State University
michael at ecst.csuchico.edu
Chico, CA 95929
530-898-5321
fax 530-898-5901