chapter  8
27 Pages


This provocative remark, made by one of the great living social economists, introduces a chapter that gives a brief rendition of his work. The task before us is to examine the “sauce” by sorting out its ingredient allegories and metaphors about property rights and firms; only then can the “long forgotten concepts” be laid bare and analyzed. Thereafter, David Ellerman’s critical analysis will be applied to one of today’s most prevalent economic institutions: the investor-owned corporation. In the spirit of constructive criticism, an alternative corporation, more in tune with the principles of social economics, is proposed.2