Three views on economic power

Alexandre Chirat and Ulysse Lojkine

No 2024-31, EconomiX Working Papers from University of Paris Nanterre, EconomiX

Abstract: We investigate the concept of economic power in the three main paradigms of economic thinking in the 20th century: neoclassical, marxist and institutionalist. We propose a reconstruction, based on a new taxonomy, of the various forms of power conceptualized by each of them. In particular, we claim that the neoclassical paradigm contains a consistent although often implicit theory of power. We then show that many controversies between these paradigms were debates on power and that some shifts in mainstream economics in the 1970s and 1980s are a reaction to the criticisms leveled against the neoclassical conceptualization of power.

Keywords: Power; –; Markets; –; Consumer; sovereignty; –; History; of; economics (search for similar items in EconPapers)
JEL-codes: B20 B40 L00 P00 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2024
New Economics Papers: this item is included in nep-com, nep-his, nep-hme, nep-hpe and nep-pke
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Persistent link: https://EconPapers.repec.org/RePEc:drm:wpaper:2024-31

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