Power and Competition
‘The fundamental concept in social science is Power, in the same sense in which Energy is the fundamental concept in Physics.’1 This sentence of Bertrand Russell is more true than most economists are ready to admit and perhaps also more true than Russell believed himself. He thought, in contrast to Marx, that not ‘economic self-interest could be taken as the fundamental motive in the social sciences.’2 He believed ‘that the love of power is the cause of the activities that are important in social affairs.’3 In contrast to Russell and Marx I think that power is not only a decisive motive in social science but that it is also a means to realize someone’s economic interest and that it can be used as such a means independently of the distribution of property.
KeywordsDemand Curve Adjustment Process Domestic Firm Multinational Corporation Parent Company
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