Power, Institutions, and Economic Growth

Author: Zhu Qicai
Publisher:
Publish Date: 2004-07-01
Features: Power is the control that the subject has over resources, and power is a factor of production. The essence of economic equilibrium is the equilibrium of power structures. The act of making itself is also a productive force, and is even the most important productive force. However, the formation of institutions depends on the two major forces of supply and demand, among which supply is most critical. Among the factors that influence supply, power is the decisive force. This book builds upon the existing theories of new institutional economics and further expands relevant theories of new institutional economics, particularly by incorporating power as an element of economic operation into the framework of institutional analysis.