This article pose the hypothesis that the terms of trade resulting from the interaction of market forces are the expression of the power relations that exist between the interest groups of a social system. An analytical framework to test this hypothesis is applied to the case of oil prices and theoretical implications are derived for the economic models, that should consider the power variable into their theory of prices.
|Translated title of the contribution||Power structure and its effects in market behavior|
|State||Published - Jan 1976|
- Grupos de intereses
- Teoría económica