He responds that it is a market failure based on erroneous beliefs.

"Taken together, these results point to a belief-based explanation for the limited diffusion of employee ownership. Even when alternative organizational forms function well, distorted perceptions can discourage people from participating in them and reduce political support. In this sense, the scarcity of worker cooperatives may reflect not only economic factors, but also a kind of market failure in information and belief formation."

"This perspective has important implications. If pessimistic beliefs are part of the problem, low-cost informational interventions, especially those based on credible evidence and expert input, can play a significant role in changing attitudes. Young people, in particular, seem receptive to such information at a stage when their career expectations are still evolving."