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Market Power and the Economy

Industrial, Corporate, Governmental, and Political Aspects

  • Wallace C. Peterson

Part of the Recent Economic Thought Series book series (RETH, volume 15)

Table of contents

  1. Front Matter
    Pages i-xiii
  2. Rodney Peterson
    Pages 1-25
  3. John Munkirs
    Pages 27-52
  4. Douglas F. Greer
    Pages 53-81
  5. William M. Dugger
    Pages 83-108
  6. Jerry L. Petr
    Pages 127-155
  7. Wallace C. Peterson
    Pages 157-169
  8. Back Matter
    Pages 171-176

About this book

Introduction

A situation in economics that is little short of scandalous is the almost total neglect by mainstream economics of the importance of power in economic affairs. Power in this context means the ability to bend market forces in one's favor, influencing and shaping key economic variables such as prices, wages, and other income determinants. As John Kenneth Galbraith as­ tutely observes: a dominant fact in economic life is the desire of people everywhere and in all circumstances to get control over their personal lives and their incomes-to escape from the "tyranny of the market. " Power is the means to this end. Ever since Adam Smith, economists have been fascinated by and lavish in their praise for the workings of the market. All modern textbooks are built around Smithian ideas about markets and the way the "invisible hand" works through competition for society's better­ ment. Yet one can search nearly in vain through leading texts, under­ graduate and graduate alike, for any reference to market or economic power. This is the situation in spite of the fact that the drive for power, the urge to get control over one's income, permeates the economy as much as does competition. This is a scandal! For a discipline that claims for itself the mantle of a science-one which wants to be accorded the same respect given the natural sciences-it is almost incomprehensible that it should ignore a major force at work in the real economic world.

Keywords

competition economics economy institutions management research science and technology value-at-risk

Editors and affiliations

  • Wallace C. Peterson
    • 1
  1. 1.Department of EconomicsUniversity of Nebraska-LincolnUSA

Bibliographic information

  • DOI https://doi.org/10.1007/978-94-009-2673-8
  • Copyright Information Springer Science+Business Media B.V. 1988
  • Publisher Name Springer, Dordrecht
  • eBook Packages Springer Book Archive
  • Print ISBN 978-94-010-7705-7
  • Online ISBN 978-94-009-2673-8
  • Series Print ISSN 0924-199X
  • Buy this book on publisher's site
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