A New Definition of Power
A new definition of power that focuses on economic outcomes rather than behaviour, analogous to the definition of force in physics, is proposed. It is argued that this definition is more suited to economics than the behaviouralist definitions discussed in Chapter 6. Moreover, it lends itself to an approach that, instead of attempting to create a brand new theory as Bartlett attempted, simply invites economists to look at some familiar ideas in a new way.
KeywordsEconomic Outcome Market Failure Social Welfare Function Neoclassical Economic Social Choice Theory
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