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The economic debate on power: a Marxist critique

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  • Giulio Palermo

Abstract

In the economic debate on power, seemingly opposite positions have been presented. Contractualists have claimed that power relations do not exist in capitalism, and radicals have maintained that they are ubiquitous. In the middle, transaction costs and property rights economists have argued that power relations exist only within the firm. The underlying conception, however, is the same: power is an interpersonal relation caused by imperfections in the decision-making context and is incompatible with Walrasian competition. The difference among these theories involves their viewpoints on the concrete spread of imperfections in reality. The thesis of this paper is that this narrow conception of power is a consequence of neoclassical methodology. Following Marx, I analyze power as a social relation, and I discuss three problematic aspects of the neoclassical conception: its individualistic methodology, the assumption of universal rather than historical categories, and an ontology that conflates production and circulation.

Suggested Citation

  • Giulio Palermo, 2014. "The economic debate on power: a Marxist critique," Journal of Economic Methodology, Taylor & Francis Journals, vol. 21(2), pages 175-192, June.
  • Handle: RePEc:taf:jecmet:v:21:y:2014:i:2:p:175-192
    DOI: 10.1080/1350178X.2014.907440
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    Cited by:

    1. Hanappi, Hardy & Scholz-Waeckerle, Manuel, 2015. "Evolutionary Political Economy: Content and Methods," MPRA Paper 75447, University Library of Munich, Germany.
    2. Alves, Carolina & Kvangraven, Ingrid Harvold, 2020. "Changing the Narrative: Economics After Covid-19," Review of Agrarian Studies, Foundation for Agrarian Studies, vol. 10(1), July.
    3. Alexandre Chirat & Ulysse Lojkine, 2024. "Three views on economic power," EconomiX Working Papers 2024-31, University of Paris Nanterre, EconomiX.
    4. Morales-Oñate, Víctor, 2019. "Redes de Poder y Economía en Bertrand Russell [Power Networks and Economy in Bretrand Russell]," MPRA Paper 119183, University Library of Munich, Germany.

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