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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 ]
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 ...
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 ...
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.
Law and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of law. The field emerged in the United States during the early 1960s, primarily from the work of scholars from the Chicago school of economics such as Aaron Director, George Stigler, and Ronald Coase. The field uses economics concepts to ...
Law and economics, or economic analysis of law, is an approach to legal theory that applies methods of economics to law. It includes the use of economic concepts to explain the effects of legal rules, to assess which legal rules are economically efficient, and to predict what the legal rules will be. [177]
The Matthew effect may largely be explained by preferential attachment, whereby wealth or credit is distributed among individuals according to how much they already have. This has the net effect of making it increasingly difficult for low ranked individuals to increase their totals because they have fewer resources to risk over time, and ...