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Market power. In economics, market power refers to the ability of a firm to influence the price at which it sells a product or service by manipulating either the supply or demand of the product or service to increase economic profit. [ 1 ] In other words, market power occurs if a firm does not face a perfectly elastic demand curve and can set ...
Economic power refers to the ability of countries, businesses or individuals to improve living standards. It increases their ability to make decisions on their own that benefit them. Scholars of international relations also refer to the economic power of a country as a factor influencing its power in international relations. [ 1 ]
Historians have employed political economy to explore the ways in the past that persons and groups with common economic interests have used politics to effect changes beneficial to their interests. [52] Political economy and law is a recent attempt within legal scholarship to engage explicitly with political economy literature.
Public choice, or public choice theory, is "the use of economic tools to deal with traditional problems of political science." [1] It includes the study of political behavior. In political science, it is the subset of positive political theory that studies self-interested agents (voters, politicians, bureaucrats) and their interactions, which ...
Constitutional economics is a research program in economics and constitutionalism that has been described as explaining the choice "of alternative sets of legal-institutional-constitutional rules that constrain the choices and activities of economic and political agents". This extends beyond the definition of "the economic analysis of ...
Contents. Economic liberalism. Economic liberalism is a political and economic ideology that supports a market economy based on individualism and private property in the means of production. [ 1 ] Adam Smith is considered one of the primary initial writers on economic liberalism, and his writing is generally regarded as representing the ...
The first necessary condition for the phenomenon of wealth concentration to occur is an unequal initial distribution of wealth. The distribution of wealth throughout the population is often closely approximated by a Pareto distribution, with tails which decay as a power-law in wealth. (See also: Distribution of wealth and Economic inequality).
In philosophy, political science and sociology, elite theory is a theory of the state that seeks to describe and explain power relationships in society. The theory posits that a small minority, consisting of members of the economic elite and policymaking networks, holds the most power—and that this power is independent of democratic elections.