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The articles in this volume address the fact and use of economic power in the American economy. The institutional economists' perspective exhibited here reflects a century-long focus on and concern with economic power begun by Thorstein Veblen. This volume presents a new generation of institutionalist scholars who add to that tradition a fresh and penetrating analysis of contemporary power centers and assessments of their use of power.
The articles in this volume address the fact and use of economic power in the American economy. The institutional economists' perspective exhibited here reflects a century-long focus on and concern with economic power begun by Thorstein Veblen. This volume presents a new generation of institutionalist scholars who add to that tradition a fresh and penetrating analysis of contemporary power centers and assessments of their use of power.
First published in 1979. Routledge is an imprint of Taylor & Francis.
This collection brings together important materials concerning the study of the economy as a system of power, offering a sample of positions taken by contributors to the Journal of Economic Issues in response to the perceived problems of the social control of corporate power.
The articles in this volume address the fact and use of economic power in the American economy. The institutional economists' perspective exhibited here reflects a century-long focus on and concern with economic power begun by Thorstein Veblen. This volume presents a new generation of institutionalist scholars who add to that tradition a fresh and penetrating analysis of contemporary power centers and assessments of their use of power.
A new edition of the classic text explaining the fundamentals of competitive electricity markets—now updated to reflect the evolution of these markets and the large scale deployment of generation from renewable energy sources The introduction of competition in the generation and retail of electricity has changed the ways in which power systems function. The design and operation of successful competitive electricity markets requires a sound understanding of both power systems engineering and underlying economic principles of a competitive market. This extensively revised and updated edition of the classic text on power system economics explains the basic economic principles underpinning the design, operation, and planning of modern power systems in a competitive environment. It also discusses the economics of renewable energy sources in electricity markets, the provision of incentives, and the cost of integrating renewables in the grid. Fundamentals of Power System Economics, Second Edition looks at the fundamental concepts of microeconomics, organization, and operation of electricity markets, market participants’ strategies, operational reliability and ancillary services, network congestion and related LMP and transmission rights, transmission investment, and generation investment. It also expands the chapter on generation investments—discussing capacity mechanisms in more detail and the need for capacity markets aimed at ensuring that enough generation capacity is available when renewable energy sources are not producing due to lack of wind or sun. Retains the highly praised first edition’s focus and philosophy on the principles of competitive electricity markets and application of basic economics to power system operating and planning Includes an expanded chapter on power system operation that addresses the challenges stemming from the integration of renewable energy sources Addresses the need for additional flexibility and its provision by conventional generation, demand response, and energy storage Discusses the effects of the increased uncertainty on system operation Broadens its coverage of transmission investment and generation investment Updates end-of-chapter problems and accompanying solutions manual Fundamentals of Power System Economics, Second Edition is essential reading for graduate and undergraduate students, professors, practicing engineers, as well as all others who want to understand how economics and power system engineering interact.
Business as a System of Power was the direct product of extensive and continuing study of the rise of bureaucratic centralism. The project was begun in 1934, and resulted a decade later in this volume, arguably the most important work in comparative and historical economics to emerge in the World War Two period. Indeed, Brady's theorems such as the bureaucratic authoritarian model of development, became a touchstone for the study of Third World economies.Brady saw the direction of business moving in a variety of directions: from the totalitarian model set by fascism with its highly centralized approach to special interests, profit making and policy made in the interests of those who rule; and the alternative democratic model set by the democracies of the West, which expound the latitude of direct public participation in decision-making and social organization of the economy as a whole. Brady does not indulge in cheap conspiracy theory. Rather he sees the business classes worldwide as possessing a collective mind, but not a collective will. In this setting the business civilization itself is at stake.The volume offers a fascinating study of German Nazism, Italian fascism and Japanese militarism as a series of policies rather than historical inevitabilities. But the work is also a foreboding and a warning to democratic varieties of capitalism. As business becomes increasingly global in character, unbound by national interests or democratic aims, it also becomes more rational in its own terms. Its drive for maximizing profits with scant regard to what may be less cost effective, but more open to popular control or participation, becomes transparent. Brady provides a remarkably prescient, albeit controversial, study of trends in Western democracy and big business. Robert S. Lynd, in his Preface, writes, "Brady cuts through to the central problem disrupting our worldàa world-wide counter-revolution against democracy." More than a half century later, in his outstanding review of the life and career of Robert Brady, Douglas Dowd points to the same lessons: economic inequities, economic globalization and political concentration of power. "In such a world, the counsel of a Brady never loses its vitality."Robert A. Brady was professor of economics at Columbia University, and author of The Rationalization Movement in German Industry; The Spirit and Structure of German Fascism; and The Scientific Revolution in Industry. Douglas F. Dowd was professor of economics at Johns Hopkins University and author of a number of important books on economics, including Modern Economic Problems in Historic Perspective.