Public policy and employee ownership: Designing economic institutions for a good society

While there are many types of economic arrangements compatible with democratic institutions and smoothly functioning markets, the predominant institutional arrangement in most marked-based democracies is one where the average employee has neither a share of direct ownership nor involvement in governing the company where he works. The substance of this essay deals with recent American attempts to redesign this arrangement, focusing specifically on the employee stock ownership plan (ESOP). The way we design the ownership of our economic organizations touches issues at the heart of practical political economy. It combines the realities of practice with visions of the good society. The challenge for lawmakers, then, is to think of employee ownership not only in terms of the technical details of public policy-making but as an institutional arrangement with wide-ranging potential implications for how we see and achieve the good.     

In pursuit of happiness: Life satisfaction drives political support

It is argued in this article that citizens in democracies use their subjective well-being (SWB) as an evaluative criterion when deciding how willing they are to support and comply with government dictates (political system support). When life is satisfactory, government authorities are rewarded with support, when it is not, citizens punish authorities by withholding their support. To make sense of the relationship, it is suggested that citizens act as if they have signed a happiness contract with ‘those in power’. In support of this argument, comparative survey data shows that SWB predicts attitudes on political system support across country contexts and under strong control conditions. Establishing that the relationship is causal, panel data documents that attitudes on political system support can be undermined following the termination of a close personal relationship, and that the causal effect is mediated via changes in SWB. Finally, as predicted, the happiness-support relationship is weaker among individuals who are high on spirituality/religiousness and attribute blame for external events to both worldly and non-worldly powers.     

Variation of employee benefit costs by age

Health care, pension, and disability plans account for the bulk of employers' benefit costs, as defined in this article. Because those costs tend to rise as employees get older, the age structure of the workforce affects not only employers' costs but ultimately their competitiveness in global markets. How much costs vary depends in large part on the structure of the benefits package provided. The method a company chooses to finance benefits generally varies with its size. This article focuses primarily on the benefit practices of large, private employers. In the long run, such employers pay the costs associated with the demographics of their workers, whereas small employers can often pool costs with other companies in the community. In addition, small employers often offer fewer benefits, and the costs and financing of those benefits are subject to the insurance markets and state regulations. The discussion of benefit packages is illustrated by case studies based on benefits that are typical for three types of organizations--a large traditional company such as steel, automobile, and manufacturing; a large financial services company such as a bank or health care organization; and a medium-sized retail organization. The case studies demonstrate the extent to which the costs of typical packages vary and reveal that employers differ radically in the incentives they offer employees to retire at a specific time. An employer can shift the variation in cost by age by changing the structure of the benefit program. The major forces that drive age differences in benefit costs are the time value of money (the period of time available to earn investment income and the operation of compound interest) and rates of health care use, disability, and death. Those forces apply universally, in the United States and elsewhere, and they have not changed in recent years. However, the marketplace and the prevalence of various types of benefit programs have changed, and those changes have generally resulted in less cost variation by age and more frequent employer selection of benefit packages that exhibit less variation by age.     

Late home ownership and social re-stratification

Home ownership was a significant element of social change in the post-war, mature, capitalist economies such as the United Kingdom, United States and Japan. This growth of individual home ownership occurred, however, within a particular demographic, economic, social and political context. This distinctive set of conditions include the atomized, nuclear family; suburbanization; high growth; the conventional mortgage market and a young, working population. These conditions have changed and coalesce in the constitution of what we refer to as ‘late home ownership’. The paper conceives of contrasts between ‘real estate families’ or ‘accumulating families’ which maintain or further accumulate valuable multiple property assets over generations; ‘dissipating families’ which are forced to deploy and diminish their property assets accumulated in the exceptional era; and propertyless ‘perpetual renter families’. It is argued that these emergent divisions are pivotal in understanding new forms of social re-stratification in which the patterns of ownership of residential property, the income flows from residential property investment, a changed demographics and intergenerational dynamics are key drivers.     

Issue ownership attack: how a political party can counteract a rival’s issue ownership

Abstract

A central part of representative democracy is that voters evaluate political parties based on how competently they handle issues, so-called ‘issue ownership’. Since issue ownership is a central ingredient in the vote choice, rival parties often try to influence how voters evaluate a competing party. This is an issue ownership attack. However, despite intense scholarly interest in issue ownership, the understanding of how parties shape issue ownership is very limited. Therefore a new theoretical model is tested here to understand issue ownership attack. Using several survey experiments, the analysis shows that a mainstream party can counteract another mainstream party’s issue ownership by reframing the issue and by blaming the party for its performance, but not by changing its own position on the issue. Hence, the study not only advances the understanding of issue ownership stability and change but also brings important insights on how parties influence voters.     

马克思的公有制理论分析

公有制作为一种生产资料所有制形式,是马克思恩格斯对未来社会所有制形式的设想,同时他们指出共产党人的任务就是消灭私有制.试图对马克思恩格斯提出的公有制理论进行分析,剖析其产生的社会原因和内涵特征,为科学地认识社会主义公有制及其发展和实践作出一定的理论探索.     

Foreign ownership of land in Phuket,Thailand

Thai Land Law does not allow outright ownership of land by foreign nationals. Phuket, a well-known Thailand tourist destination, is facing a problem of acquiring land by foreigners. The objective of this study was to compile data on ownership of land by foreigners in Phuket areas and explore the types of ownership through which the land had been acquired. The purpose of this study was also to assess the nature of the problems of foreigners owning immovable properties in Phuket, and the impacts could further make appropriate recommendations. There were two types of foreign ownership of land in Phuket. The first type was legal ownership of immovable properties by foreigners, and the second were the cases that foreigners took advantage of the loopholes of the law to acquire but in fact owned and utilized land mostly in scenic beaches by using Thais as nominees. These nominees could either be their spouse, or employees of corporate bodies or legal entities. In some cases, nominees were actually employees of law firms which assisted foreigners to register as a Thai corporate body. However, the impact of foreigners owning immobile properties in Phuket can be both positive and negative. On the positive side, the local economies actually benefited foreigners owning immobile properties as this led to increasing economic growth and land utilization. The negative impacts on the other hand were mainly the loss of revenue of local governments from local taxes and duties, including land price distortion. Another negative dimension was the difficulties of the public sector to control the negative environmental impacts. From the economic perspective, the feasibility of declaring areas where there is a high concentration of foreigners owning immobile properties as special area should be explored. Finally, the establishment of a ＂governing council＂ to control and develop conditions to protect the environment and reduce the impact to communities as part of the package of investment promotion should also be considered.     

A left-libertarian proposal for egalitarian world ownership

In this paper I advocate a left-libertarian approach to egalitarian world ownership that combines common ownership of land, following Henry George (where private appropriation is subject to the payment of rent), with joint ownership of finite and exhaustible resources such as oil (where use is subject to a collective decision-making process and tax paid at the point of extraction). This rent and tax together create a common fund available for global distribution. I argue that this approach offers improvements on Hillel Steiner’s proposal for a global fund, and Thomas Pogge’s proposal for a Global Resources Dividend (GRD) since it does not penalize states for the inclusion of valuable resources within their territory that are not being used, while it also does not allow states to benefit from the use of resources elsewhere while simultaneously refusing to exploit the resources within their own borders. Moreover, joint ownership need not conflict with the libertarian commitment to self-ownership, as is often thought to be the case, and when supplementing common ownership of land it can provide an egalitarian outcome as well as greater protection for future generations and the environment.     

The political economy of voluntary public service

We characterize the voluntary public service policy that minimizes the expected cost of delivering a public service (e.g., jury or military service). We then examine whether a majority rule voting procedure will implement the voluntary public service policy (VPS) whenever it entails lower expected cost than mandatory public service (MPS). We find that majority rule often favors MPS in the sense that majority rule implements MPS when VPS would secure the requisite public service at lower expected cost.

     

Disruptive innovation and R&D ownership structures

Public Choice - This paper provides a theoretical explanation as to why breakthrough innovations seem to be possible only within capitalist economies (Kornai in Dynamism, rivalry, and the surplus...     

Lawnscape: semiotics of space,spectacle, and ownership

While seemingly straightforward, the boundaries of ownership can be confusing. Take the front lawn, for instance. Some local ordinances prohibit such things as parking on one's front lawn or displaying celebratory storks, “For Sale” signs, or political displays out of concern for the neighbours. However, what happens when the front lawn is taken over by an unstoppable lava flow? On the Big Island of Hawai'i, countless front lawns are now vast expanses of hardened black lava. These lawns exist now under changed jurisdiction as legal spaces. No longer are these lava-ed lawns now simply purely private property as state authorities now control the area. On front lawns with or without lava, the notion of ownership is confused by two competing rights: the rights of those who inhabit the property versus the rights of those who view the property. Here, the context of rights expands traditional claims and lines of ownership according to the activity of spectaclizing. This paper will examine the tension of ownership and pursuant competing rights that challenge the construction of traditional boundaries and their enforcement within the framework of the semiotics of space. In this paper, the semiotics of space found in front lawns challenges the standard faculties of law to remedy conflicting rights.     

Explanatory investigation of the moderating role of employee proactivity on the causal relationship between innovation‐based human resource management and employee satisfaction

In this paper, combinations of structural equation modeling and moderated‐hierarchical regression were used to examine the causal influence of organization‐driven innovation‐based human resource management on employee satisfaction among passenger‐contact employees in Nigeria. Further, we investigated the role that employee's proactivity plays in the aforementioned causal relationship. Specifically, our result implied that with higher levels of proactivity, passenger‐contact employees benefited more from the positive contribution of innovative human resource management than when proactivity is low. Theoretical and practical implications are suggested.     

Public versus private ownership: The federal lands case

“Privatization” of public lands has been urged on the grounds that it will provide a more efficient allocation of the nation's resources. However, there are some public policy objectives which private ownership and free markets are not equipped to achieve. Historically, these objectives have motivated legislation authorizing retention of some land in public ownership. Indeed, land in both forms of ownership is required to achieve a full range of both public and private goods and services. However, since inefficiencies in the allocation of resources will occur under either form of ownership, careful monitoring of economic activities in both sectors is more likely to achieve improvements than arguing for exclusive reliance on only one system of property rights.     

Membership in voluntary neighborhood associations and urban revitalization

This study examines patterns of membership in neighborhood associations in a revitalized neighborhood in a large midwestern city. The neighborhood is ethnically heterogenous and working class. The research assesses the extent of participation in local associations, its effect on revitalization, and differences between old-timers and newcomers.It was found that affiliation with neighborhood associations is wide spread both among old-timers and newcomers. However, young and affluent newcomers are particularly active. Moreover, whereas old-timers tend to be over-represented in traditional established associations, newcomers are more likely to join avant-garde and activist associations. Finally, membership accounts for residents' perception of their neighborhood and the extent to which they are involved in the revitalization process.This research was performed under grant RO MH 3526-01, NIMH, Center for Work and Mental Health.