2b:null 2c:["$","title",null,{"children":"The Meidner Plan | Yusuf Imaad Khan | Observable"}] 31:T24ba,// Go read Neil's paper - https://journals.sagepub.com/doi/full/10.1177/0143831X251336584 { const w = 780, h = 590; // a little extra for the quote const bg = "#ffffff"; const plot = Plot.plot({ width: w, height: h, marginLeft: 65, marginRight: 115, marginBottom: 45, marginTop: 30, style: { background: "transparent", fontFamily: "'Libre Baskerville', Georgia, serif", // bleh fonts fontSize: "14px", color: "#2c2420" }, y: { domain: [0, 1], label: null, ticks: [0, 0.5, 1], tickFormat: (d) => d * 100 + "%", grid: true, tickSize: 0 }, x: { label: null, tickFormat: (d) => (d === 1 ? "1\nyear" : d + "\nyears"), ticks: [1, 10, 20, 35, 50, 75, 100], tickSize: 4, tickPadding: 8 }, color: { domain: ["5%", "10%", "15%", "20%"], range: ["#d4a08c", "#b05a48", "#7a2218", "#1a0a08"], legend: false }, marks: [ Plot.frame({ anchor: "bottom" }), Plot.dot(meidnerTable, { //gotta overlay the hardcoded stuff x: "year", y: "share", fill: "#d5d0cb", r: 5, stroke: "#fff", strokeWidth: 1.5 }), Plot.ruleY([0.5], { stroke: "#8b4a3a", strokeDasharray: "8,5", strokeWidth: 1.5 }), Plot.line(meidnerData, { // formula driven values x: "year", y: "share", stroke: "rate", strokeWidth: 3, curve: "monotone-x" // really does not matter if you've computed lots of values... }), Plot.dot( meidnerData.filter((d) => [1, 5, 10, 15, 20, 25, 35, 50, 75, 100].includes(d.year) ), { x: "year", y: "share", fill: "rate", r: 4, stroke: bg, strokeWidth: 2 } ), Plot.text(["Worker\nmajority\nownership"], { x: 2.5, y: 0.565, textAnchor: "start", fontStyle: "italic", fontFamily: "'Libre Baskerville', serif", fontSize: 20, fill: "#8b4a3a" }), ...["5%", "10%", "15%", "20%"].map((rate) => { const last = meidnerData.filter((d) => d.rate === rate).slice(-1)[0]; return Plot.text([rate + " profit"], { x: last.year, y: last.share, dx: 10, textAnchor: "start", // fontFamily: "'Source Sans Pro', sans-serif", fontFamily: "'Libre Baskerville', Georgia, serif", fontSize: 15, fontWeight: 700, fill: { "5%": "#d4a08c", "10%": "#b05a48", "15%": "#7a2218", "20%": "#1a0a08" }[rate] }); }) ] }); // Scales const xs = plot.scale("x"); const ys = plot.scale("y"); const xScale = d3.scaleLinear().domain(xs.domain).range(xs.range); const yScale = d3.scaleLinear().domain(ys.domain).range(ys.range); const pL = xs.range[0]; const pR = xs.range[1]; const pT = Math.min(ys.range[0], ys.range[1]); const pB = Math.max(ys.range[0], ys.range[1]); // MEIDNER PIC const img = meidnerImgURL; const aspect = img.naturalWidth / img.naturalHeight; let dw = w, dh = h; if (w / h > aspect) { dh = w / aspect; } else { dw = h * aspect; } //////////////////////////////////////////////////////// const ddx = (w - dw) / 2; const ddy = (h - dh) / 2 + h * 0.05; // 20% curve points above 50% (to cut meidner pic) const pts20 = meidnerData .filter((d) => d.rate === "20%") .sort((a, b) => a.year - b.year); const abovePts = []; for (let i = 0; i < pts20.length; i++) { const a = pts20[i]; const b = pts20[i + 1]; if (a.share >= 0.5) abovePts.push(a); if (b) { if ( (a.share < 0.5 && b.share > 0.5) || (a.share > 0.5 && b.share < 0.5) ) { const t = (0.5 - a.share) / (b.share - a.share); abovePts.push({ year: a.year + t * (b.year - a.year), share: 0.5 }); } } } // Tinted? const tmp = document.createElement("canvas"); tmp.width = w; tmp.height = h; const tCtx = tmp.getContext("2d"); tCtx.drawImage(img, ddx, ddy, dw, dh); tCtx.globalCompositeOperation = "multiply"; tCtx.fillStyle = "#6b1a12"; tCtx.fillRect(0, 0, w, h); tCtx.globalCompositeOperation = "overlay"; tCtx.fillStyle = "rgba(90, 15, 10, 0.3)"; tCtx.fillRect(0, 0, w, h); // Masked canvas const canvas = document.createElement("canvas"); canvas.width = w; canvas.height = h; const ctx = canvas.getContext("2d"); if (abovePts.length >= 2) { ctx.beginPath(); d3 .line() .x((d) => xScale(d.year)) .y((d) => yScale(d.share)) .curve(d3.curveMonotoneX) .context(ctx)(abovePts); for (let i = abovePts.length - 1; i >= 0; i--) { ctx.lineTo(xScale(abovePts[i].year), yScale(0.5)); } ctx.closePath(); ctx.fill(); ctx.globalCompositeOperation = "source-in"; ctx.drawImage(tmp, 0, 0); ctx.globalCompositeOperation = "destination-in"; ctx.beginPath(); ctx.rect(pL, pT, pR - pL, pB - pT); ctx.fill(); ctx.globalCompositeOperation = "source-over"; } // Container const container = document.createElement("div"); container.style.cssText = ` position: relative; width: ${w}px; background: ${bg}; font-family: 'Source Sans Pro', 'Helvetica Neue', sans-serif; `; // Text const titleBlock = document.createElement("div"); titleBlock.style.padding = "32px 25px 12px 25px"; titleBlock.innerHTML = `

The Meidner Plan

Employee fund's share of the individual company
20% of profits allocated to the fund · Profit rates from 5% to 20%

`; // Chart wrapper const chartWrap = document.createElement("div"); chartWrap.style.position = "relative"; canvas.style.cssText = ` position: absolute; top: 0; left: 0; pointer-events: none; opacity: 0.7; `; // Quote ON TOP OF THE CHART. Ty Bruno https://ia803403.us.archive.org/34/items/Meidner1978EmployeeInvestmentFundsAnApproachToCollectiveCapitalFormation/Meidner%201978%20-%20Employee%20Investment%20Funds%20An%20Approach%20to%20Collective%20Capital%20Formation.pdf :) const quoteBlock = document.createElement("div"); quoteBlock.style.cssText = ` position: absolute; top: ${yScale(0.44)}px; right: 85px; width: 286px; padding: 16px 30px 8px 30px; pointer-events: none; text-align: right; `; quoteBlock.innerHTML = `

"The modus operandi of employee investment funds can be described quite succinctly in the following terms. The ownership of part of the profits which are ploughed into an enterprise is simply transferred from the previous owners to the employees as a collective. A proportion — we propose 20 per cent — of the profit is set aside for the employees. This money does not however leave the business. Instead, a company issues shares to that amount, and these are transmitted to the employee fund."

— Meidner, Hedborg, & Fond 1978, p. 47

`; chartWrap.appendChild(canvas); chartWrap.appendChild(plot); chartWrap.appendChild(quoteBlock); // Footer const footer = document.createElement("div"); footer.style.cssText = ` padding: 12px 25px 28px; line-height: 1.6; `; footer.innerHTML = `

Grey dots show values from Meidner's published 1978 table. Smooth lines use the formula s(t) = 1 − 1/(1 + fp)^t. Most values align within 1–2pp. The 5% / year 100 entry (0.74 in the table vs 0.63 from the formula) appears to be a misprint in the original.

Source: Meidner R., Hedborg A., & Fond G. (1978). Employee Investment Funds: An Approach to Collective Capital Formation.
Graphic: Yusuf Imaad Khan

`; // Put it together container.appendChild(titleBlock); container.appendChild(chartWrap); container.appendChild(footer); return container; }32:T1e45,// Go read Neil's paper https://journals.sagepub.com/doi/full/10.1177/0143831X251336584 { const w = 780, h = 590; const bg = "#ffffff"; const rate = profitRate / 100; const f = 0.2; // Curve from formula const curveData = d3.range(1, 101).map((year) => ({ year, share: 1 - Math.pow(1 / (1 + f * rate), year) })); // Key year dots from the table const keyYears = curveData.filter((d) => [1, 5, 10, 15, 20, 25, 35, 50, 75, 100].includes(d.year) ); // Find year where majority is reached - UP THE WORKERS const majorityYear = curveData.find((d) => d.share >= 0.5); // make chart const plot = Plot.plot({ width: w, height: h, marginLeft: 65, marginRight: 115, marginBottom: 45, marginTop: 30, style: { background: "transparent", fontFamily: "'Libre Baskerville', Georgia, serif", fontSize: "14px", color: "#2c2420" }, y: { domain: [0, 1], label: null, ticks: [0, 0.5, 1], tickFormat: (d) => d * 100 + "%", grid: true, tickSize: 0 }, x: { label: null, tickFormat: (d) => (d === 1 ? "1\nyear" : d + "\nyears"), ticks: [1, 10, 20, 35, 50, 75, 100], tickSize: 4, tickPadding: 8 }, marks: [ Plot.frame({ anchor: "bottom" }), Plot.ruleY([0.5], { stroke: "#8b4a3a", strokeDasharray: "8,5", strokeWidth: 1.5 }), Plot.line(curveData, { x: "year", y: "share", stroke: "#7a2218", strokeWidth: 3, curve: "monotone-x" }), Plot.dot(keyYears, { x: "year", y: "share", fill: "#7a2218", r: 4, stroke: bg, strokeWidth: 2 }), Plot.text(["Worker\nmajority\nownership"], { x: 2.5, y: 0.565, textAnchor: "start", fontStyle: "italic", fontFamily: "'Libre Baskerville', serif", fontSize: 20, fill: "#8b4a3a" }), // End label Plot.text([profitRate + "% profit"], { x: 100, y: curveData[curveData.length - 1].share, dx: 10, textAnchor: "start", fontFamily: "'Libre Baskerville', Georgia, serif", fontSize: 15, fontWeight: 700, fill: "#7a2218" }), // Majority year annotation ...(majorityYear ? [ Plot.ruleX([majorityYear.year], { y1: 0, y2: 0.5, stroke: "#8b4a3a", strokeDasharray: "4,3", strokeWidth: 1 }), Plot.text([`${majorityYear.year} years\nto majority`], { x: majorityYear.year + 1, y: 0.08, textAnchor: "start", fontFamily: "'Libre Baskerville', serif", fontStyle: "italic", fontSize: 11, fill: "#8b4a3a" }) ] : []) ] }); // Scales const xs = plot.scale("x"); const ys = plot.scale("y"); const xScale = d3.scaleLinear().domain(xs.domain).range(xs.range); const yScale = d3.scaleLinear().domain(ys.domain).range(ys.range); const pL = xs.range[0]; const pR = xs.range[1]; const pT = Math.min(ys.range[0], ys.range[1]); const pB = Math.max(ys.range[0], ys.range[1]); // Image const img = meidnerImgURL; const aspect = img.naturalWidth / img.naturalHeight; let dw = w, dh = h; if (w / h > aspect) { dh = w / aspect; } else { dw = h * aspect; } const ddx = (w - dw) / 2 + w * 0.05; const ddy = (h - dh) / 2; // Points above 50% const abovePts = []; for (let i = 0; i < curveData.length; i++) { const a = curveData[i]; const b = curveData[i + 1]; if (a.share >= 0.5) abovePts.push(a); if (b) { if ( (a.share < 0.5 && b.share > 0.5) || (a.share > 0.5 && b.share < 0.5) ) { const t = (0.5 - a.share) / (b.share - a.share); abovePts.push({ year: a.year + t * (b.year - a.year), share: 0.5 }); } } } // Tinted image const tmp = document.createElement("canvas"); tmp.width = w; tmp.height = h; const tCtx = tmp.getContext("2d"); tCtx.drawImage(img, ddx, ddy, dw, dh); tCtx.globalCompositeOperation = "multiply"; tCtx.fillStyle = "#6b1a12"; tCtx.fillRect(0, 0, w, h); tCtx.globalCompositeOperation = "overlay"; tCtx.fillStyle = "rgba(90, 15, 10, 0.3)"; tCtx.fillRect(0, 0, w, h); // Masked canvas const canvas = document.createElement("canvas"); canvas.width = w; canvas.height = h; const ctx = canvas.getContext("2d"); if (abovePts.length >= 2) { ctx.beginPath(); d3 .line() .x((d) => xScale(d.year)) .y((d) => yScale(d.share)) .curve(d3.curveMonotoneX) .context(ctx)(abovePts); for (let i = abovePts.length - 1; i >= 0; i--) { ctx.lineTo(xScale(abovePts[i].year), yScale(0.5)); } ctx.closePath(); ctx.fill(); ctx.globalCompositeOperation = "source-in"; ctx.drawImage(tmp, 0, 0); ctx.globalCompositeOperation = "destination-in"; ctx.beginPath(); ctx.rect(pL, pT, pR - pL, pB - pT); ctx.fill(); ctx.globalCompositeOperation = "source-over"; } // Container const container = document.createElement("div"); container.style.cssText = ` position: relative; width: ${w}px; background: ${bg}; font-family: 'Source Sans Pro', 'Helvetica Neue', sans-serif; `; // Title and text (messy to do with plot titles?) const titleBlock = document.createElement("div"); titleBlock.style.padding = "32px 25px 12px 25px"; titleBlock.innerHTML = `

The Meidner Plan

Employee fund's share at ${profitRate}% profit
20% of profits allocated to the fund · Drag the slider to change the profit rate

`; // Chart wrapper const chartWrap = document.createElement("div"); chartWrap.style.position = "relative"; canvas.style.cssText = ` position: absolute; top: 0; left: 0; pointer-events: none; opacity: 0.7; `; chartWrap.appendChild(canvas); chartWrap.appendChild(plot); // Footer - auto update? const footer = document.createElement("div"); footer.style.cssText = ` padding: 12px 25px 20px; line-height: 1.6; `; footer.innerHTML = `

Formula: s(t) = 1 − 1/(1 + fp)^t where f = 0.20 and p = ${profitRate}%. ${ majorityYear ? `At this profit rate, workers reach majority ownership in ${majorityYear.year} years.` : `At this profit rate, workers do not reach majority within 100 years.` }

Source: Meidner R., Hedborg A., & Fond G. (1978). Employee Investment Funds.
Graphic: Yusuf Imaad Khan

`; // Put it together container.appendChild(titleBlock); container.appendChild(chartWrap); container.appendChild(footer); return container; }33:[{"id":"2eab125cc03ecd6d00c4dcee8078972cc91c9012ab0ba49ed212ffc06eb805050a4912ddc4b0b9476b024637ca3c1886c6451cf637583a2192ca4f8d52790204","href":"https://static.observableusercontent.com/files/2eab125cc03ecd6d00c4dcee8078972cc91c9012ab0ba49ed212ffc06eb805050a4912ddc4b0b9476b024637ca3c1886c6451cf637583a2192ca4f8d52790204","name":"Rudolf_meidner@2.png","type":"image/png","lastModified":1772633370847.336,"size":607258}] 2f:{"id":"899598cafb2dc308","slug":"the-meidner-plan","title":"The Meidner Plan","thumbnail":"dd16cd6521e7fe74e7ad2e46adf504620d46de45e9c0e89b4b1b3980bd46c19f","access_level":"public","create_time":"$D2026-03-03T17:59:19.617Z","update_time":"$D2026-04-29T23:02:54.474Z","view_time":null,"first_public_time":"$D2026-03-04T13:14:18.146Z","fork":false,"stars":0,"starred":false,"owner":{"type":"team","id":"dc1c00f01f202a7a","login":"yusuf-imaad-khan","name":"Yusuf Imaad Khan","avatar_url":"https://avatars-next.observableusercontent.com/c3561ba00aa116d34a785bde1165548844d801d0fda7aeb64f9e356585ad7dab","tier":"starter_2024"},"version":230,"publish_version":null,"role":null,"authored":false,"authors":[{"type":"individual","id":"baf8e10a8f058551","login":"yusuf-imaad-khan","name":"Yusuf","avatar_url":"https://avatars-next.observableusercontent.com/c3561ba00aa116d34a785bde1165548844d801d0fda7aeb64f9e356585ad7dab","tier":null}],"members":[{"type":"individual","id":"baf8e10a8f058551","login":"yusuf-imaad-khan","name":"Yusuf","avatar_url":"https://avatars-next.observableusercontent.com/c3561ba00aa116d34a785bde1165548844d801d0fda7aeb64f9e356585ad7dab","tier":null,"role":"editor"},{"type":"team","id":"dc1c00f01f202a7a","login":"yusuf-imaad-khan","name":"Yusuf Imaad Khan","avatar_url":"https://avatars-next.observableusercontent.com/c3561ba00aa116d34a785bde1165548844d801d0fda7aeb64f9e356585ad7dab","tier":"starter_2024","role":"viewer"}],"comments":[],"custom_thumbnail":false,"trashed":false,"lapsed":null,"subscribed":null,"forks":1,"collection":null,"type":"notebook","body":{"title":"The Meidner Plan","cells":[{"id":0,"value":"# The Meidner Plan","pinned":false,"hidden":false,"mode":"md","author":"$undefined","summary":"$undefined","output":"","database":"$undefined"},{"id":7,"value":"$31","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":161,"value":"viewof profitRate = Inputs.range([1, 100], {\n value: 10,\n step: 0.5,\n label: \"Profit rate (%)\"\n})","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":163,"value":"$32","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":67,"value":"// hardcoded values from here - https://ia803403.us.archive.org/34/items/Meidner1978EmployeeInvestmentFundsAnApproachToCollectiveCapitalFormation/Meidner%201978%20-%20Employee%20Investment%20Funds%20An%20Approach%20to%20Collective%20Capital%20Formation.pdf\n// cheers Bruno!\nmeidnerTable = {\n const years = [1, 5, 10, 15, 20, 25, 35, 50, 75, 100];\n const rates = [\n [\"5%\", [0.01, 0.05, 0.09, 0.14, 0.18, 0.21, 0.29, 0.38, 0.52, 0.74]],\n [\"10%\", [0.02, 0.09, 0.17, 0.25, 0.32, 0.38, 0.49, 0.62, 0.76, 0.85]],\n [\"15%\", [0.03, 0.13, 0.24, 0.34, 0.43, 0.5, 0.62, 0.75, 0.88, 0.94]],\n [\"20%\", [0.04, 0.17, 0.3, 0.42, 0.52, 0.6, 0.72, 0.84, 0.93, 0.97]]\n ];\n return rates.flatMap(([rate, vals]) =>\n vals.map((share, i) => ({ year: years[i], rate, share }))\n );\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":5,"value":"// done with formula because rounding and error? (especially 5% year 100)\nmeidnerData = {\n const years = d3.range(1, 101);\n const rates = [0.05, 0.1, 0.15, 0.2];\n return rates.flatMap((rate) =>\n years.map((year) => ({\n year,\n rate: rate * 100 + \"%\",\n share: 1 - Math.pow(1 / (1 + 0.2 * rate), year)\n }))\n );\n}","pinned":true,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":26,"value":"meidnerImgURL = FileAttachment(\"Rudolf_meidner@2.png\").image()","pinned":true,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"}],"files":"$W33","stdlib":"1","titling":"auto"}} 30:"$2f:body"