ABSTRACT
Economists rarely define economic power with precision. In general we may take it that economic power refers to the ability to influence decision making. To possess economic power is to be able to exercise significant control over the decision-making process. Economists generally agree, for example, that the Sherman Act was designed to do something about “too much” power to set market prices. The public, to take another example, generally regards Dwight Eisenhower’s celebrated farewell address warning of the dangers inherent in the “military industrial complex” as referring to a threat to the viability of the system emanating from constellations of power. There are other examples. It is fair to say, however, that with few exceptions, power is not a central concern of mainstream economists today.
