ABSTRACT
Participatory economics, or “parecon,” aims to provide an institutional setting that facilitates people deciding for themselves what their own conditions of life and work should be. Parecon calls for four new core economic institutions and arrangements: self-managing councils and federations, equitable remuneration, balanced job complexes that would help ensure classless workplaces where all jobs are equally empowering, and a self-regulating allocation alternative to both markets and central planning that is compatible with its other three defining features. This depends on decentralized, participatory planning for the mutually beneficial allocation of goods and services.
