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The Price System, Conglomerate Energy Companies and OPEC

In: Inflation, Open Economies and Resources

Author

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  • Paul Davidson

Abstract

In an [1974] article in The New York Times, columnist Leonard Silk suggested that the mammoth multinational energy companies suffered from the same fatal affliction as the dinosaurs — ‘a pea sized brain’. According to Silk these corporate mastodons relentlessly pursue the goal of ‘profit maximization’; nevertheless since ‘economics is not everything’ society cannot be at the mercy ‘of corporations that have no other purpose than profit maximization, however legitimate and useful that objective may be in a limited context’. (Silk, 1974)

Suggested Citation

  • Paul Davidson, 1991. "The Price System, Conglomerate Energy Companies and OPEC," Palgrave Macmillan Books, in: Louise Davidson (ed.), Inflation, Open Economies and Resources, chapter 27, pages 407-421, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11516-7_27
    DOI: 10.1007/978-1-349-11516-7_27
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