Pricing in Publicly-Controlled Industries: U.S.A.
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Publicly-controlled industries could be defined as all those in which price, outputs, or profits are significantly altered by government policy. Government policies range from subsidy through prohibition. Control is a variant of the power to tax, if taxes can take any negative or positive values, and if two or more taxes can be applied to the same industry at the same time. This definition is useful but perhaps fatally broad. There is also the difficulty that even elegant controls may have no significant effect, or be neatly offset by still other controls. Yet it is clear that effects are what count; and, though it is difficult, the end result should be to establish what they are.
KeywordsPublic Utility Monopoly Power Phillips Petroleum Interstate Commerce Commission Motor Carrier
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