Equity‐Efficiency Conditions of Competitive‐Co‐operative Product and Labour Markets

While this paper concentrates on a set of pricing relations for a co‐operative enterprise under market conditions, the institutional‐instrumentalist approach to the study of cooperatives can be found to be elaborated in the literature. The emphasis in this article is on producer co‐operatives, which are also the types that have drawn considerable interest among labour economists and social economists in recent times, and have been exemplified in the Mondragon type co‐operatives as well as in the theory of profit and loss sharing in the Islamic economic literature.