Participatory Economics is an economy that works for everyone. It starts with the assumption that every person on Earth deserves to be treated as an end in themselves, not merely as a means to someone else's ends. In a participatory economy, workers have a say in the way that their work is organized. This model supposedly results in higher-quality products and better working conditions for employees. It can also lower costs by reducing turnover, increasing motivation, and conducting research more effectively.
Our capitalist society is struggling with employment issues:
The idea behind parecon is self-management. Parecon doesn't have a central authority dictating things like business hours, vacation time, and so on. A democratic process sets the rules called a "participatory decision-making procedure." There is no boss or stakeholders. Wages are paid based on merits and personal effort.
The job market under participatory economic principles will account for a series of significant changes:
Participatory economics promotes the concept of economic democracy and self-management. It seeks to replace work for wages and profits with practical collective activity. Participatory economics proposes an alternative to modern capitalism through its support for worker-managed enterprises and direct democracy.
At least, in theory, parecon works for everyone: workers, consumers, and producers. Everyone affected by a decision has an equal role in making it. It's not just businesses or governments or unions that decide things; every individual is involved as well. That means people get to follow their passions and use their skills where they are needed. Restructuring job markets to the benefit of society as opposed to corporations is the central motivator around the changes in the job market. The question is whether we can achieve that through participatory economics.