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On The Concept Of Power In Economics


  • Pranab Bardhan


In this paper we start with the standard definition of power and indicate how orthodox neoclassical economics fails to handle some of the key issues of power. In Sections II and III we discuss in the context of recent advances in economic theory some of the battlefields, so to speak, for the exercise of power: bargaining games in Section II and economic organizations and capitalist authority relations in Section III. In all of this we focus on the underlying structural factors. In the last Section we discuss some problems with both the behavioral and structural concepts of power. Copyright 1991 Blackwell Publishers Ltd..

Suggested Citation

  • Pranab Bardhan, 1991. "On The Concept Of Power In Economics," Economics and Politics, Wiley Blackwell, vol. 3(3), pages 265-277, November.
  • Handle: RePEc:bla:ecopol:v:3:y:1991:i:3:p:265-277

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    References listed on IDEAS

    1. Alchian, Armen A & Demsetz, Harold, 1972. "Production , Information Costs, and Economic Organization," American Economic Review, American Economic Association, vol. 62(5), pages 777-795, December.
    2. Kalai, Ehud & Smorodinsky, Meir, 1975. "Other Solutions to Nash's Bargaining Problem," Econometrica, Econometric Society, vol. 43(3), pages 513-518, May.
    3. Akerlof,George A., 1984. "An Economic Theorist's Book of Tales," Cambridge Books, Cambridge University Press, number 9780521269339, March.
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    Cited by:

    1. Genicot, Garance & Ray, Debraj, 2006. "Contracts and externalities: How things fall apart," Journal of Economic Theory, Elsevier, vol. 131(1), pages 71-100, November.
    2. Epstein, Stephan R., 1992. "Regional fairs, institutional innovation and economic growth in late medieval Britain," Economic History Working Papers 22450, London School of Economics and Political Science, Department of Economic History.
    3. Palmer-Jones, Richard & Jackson, Cecile, 1997. "Work intensity, gender and sustainable development," Food Policy, Elsevier, vol. 22(1), pages 39-62, February.
    4. Genicot, Garance, 2002. "Bonded labor and serfdom: a paradox of voluntary choice," Journal of Development Economics, Elsevier, vol. 67(1), pages 101-127, February.
    5. Naqvi, Nadeem & Wemhoner, Frederick, 1995. "Power, coercion, and the games landlords play," Journal of Development Economics, Elsevier, vol. 47(2), pages 191-205, August.
    6. Schaffner, Julie Anderson, 1995. "Attached farm labor, limited horizons and servility," Journal of Development Economics, Elsevier, vol. 47(2), pages 241-270, August.

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