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Market Power and the Economy - Industrial, Corporate, Governmental, and Political Aspects (Hardcover, 1988 ed.)
Loot Price: R3,037
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Market Power and the Economy - Industrial, Corporate, Governmental, and Political Aspects (Hardcover, 1988 ed.)
Series: Recent Economic Thought, 15
Expected to ship within 10 - 15 working days
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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."
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