Economic Power

• purchasing power, i.e., the ability of any amount of money to buy goods and services. Those with more assets (or, more correctly, net worth) have more power of this sort. The greater the liquidity of one's assets, the greater one's purchasing power is.

• monopoly power, i.e., the ability to set prices or wages. This is the opposite of the situation in a perfectly competitive market, in which supply and demand set prices. See bargaining power.

• managerial power, i.e., the ability of managers to threaten their employees with firing or other penalties for not following orders. This exists if there is a cost of job loss, especially due to the existence of unemployment and workers' lack of sufficient assets to survive without working for pay.

• class power in Marxian political economy: under capitalism this refers to a situation where a minority (the capitalists) in society controls the means of production and thus is able to exploit the majority (the workers).

<< Previous Word Browser Next >>
william alexander (bishop) jacqueline s. moore harold stark gallimard jeunesse martyrs mirror bart starr bibleman financial ratio frank oppenheimer ponds forge colusa	wage spiral michail stasinopoulos ivan bloch ellsworth milton statler hermann staudinger minister to hawaii bargaining power samuel stayman list of pinball machines longleat peasants and new democratic party union	william j. flake octoban marcellus stearns 1959 60 american network television schedule stewart rawlings mott christopher hinton alfred nu steele stewart r. mott charitable trust stephanos stephanopoulos vilhjalmur stefansson forrest tucker	guden the sanctuary 1959 60 nhl season genesco corp. janet dempsey steiger boise river postpipe marthinus theunis steijn violet trefusis clarence stein high priest