Concluding Observations

Abstract

This final chapter has three objectives. First, it will summarize the major findings and conclusions about power and the economy that emerge from the other essays in the book. Second, it will examine some of the key ways in which market power affects the economy’s macroeconomic performance. In general, the ideas and themes contained in the other chapters point toward the firm and the industry, not the economy overall. Thus, it is appropriate to include some comments directed toward the macroeconomic aspects of power. Finally, thoughts are in order with respect to economic theory and market power. As noted in the preface, the neglect of power by mainstream economic theory at both the micro and macro level is a major deficiency of contemporary economics. What can be done about this? To conclude this book, some modest suggestions are offered as to what must be done.